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 2023 ended December 31, 2023.
“Traditionally, business operations in the first
quarter decelerate due to the Lunar New Year holidays. This year,
exacerbated conditions due to sluggish demand are causing panel
makers to strategically lower factory utilizations, in an attempt
to support panel pricing and profitability. In tandem, OEMs and end
customers are maintaining their cautious approach with heightened
procurement scrutiny, even with inventories now at more manageable
levels. To fortify the resilience of our operations, we are
actively implementing strategies to optimize costs and diversify
suppliers in both foundries and backend sources to enhance supply
flexibility and cost-effectiveness,” said Mr. Jordan Wu,
President and Chief Executive Officer of Himax.
“In addition, our recent presence at CES
provided a comprehensive outlook on our strategic focus for the
upcoming years, covering automotive, WiseEye AI and optical
technologies. Driven by accelerating growth in our automotive
segment and expansion beyond our core driver business, we are well
positioned for sustainable long-term revenue growth and
profitability. Furthermore, our automotive, WiseEye, and LCoS
product lines have attracted a strong global client base, which
significantly extends our reach and strengthens our presence in
markets worldwide while diversifying regional exposure and adding
stability to our operations,” concluded Mr. Jordan Wu.
Fourth Quarter 2023 Financial
Results
Himax net revenues registered $227.7 million, a
decrease of 4.5% sequentially, but exceeding guidance range of a
5.0% to 11.0% decline. Gross margin came in at 30.3%, within
guidance range of around 30%, but down from 31.4% last quarter. Q4
profit per diluted ADS was 13.5 cents, surpassing the guidance
range of 9.0 cents to 13.0 cents.
Revenue from large display drivers was $33.6
million, reflecting a sequential decrease of 23.1%. This decline
was predominantly driven by the prevailing weak macroeconomic
conditions amidst the traditional peak seasonality in the fourth
quarter. Q4 TV IC sales declined mid-teens sequentially due to
ongoing strict production and inventory control measures of leading
customers. Monitor and notebook IC sales both declined double-digit
quarter-over-quarter, caused by a slowdown in order momentum as
customers pulled forward their inventory purchases during the prior
quarter. Sales of large panel driver ICs accounted for 14.8% of
total revenues for the quarter, compared to 18.3% last quarter and
16.6% a year ago.
Small and medium-sized display driver revenue
was reached $163.1 million, a sequential increase of 1.2%. This was
underpinned by outperforming sales particularly in the TDDI
products for automotive and tablet markets. Q4 automotive driver
sales, combining both traditional DDIC and TDDI, experienced a
slight decline following robust order restocking in both during the
third quarter. However, Q4 automotive TDDI sales still increased
high teens sequentially, bucking the industry downturn thanks to
Company’s solid pipeline of design-win projects. Meanwhile, Himax’s
industry leading, cutting-edge automotive LTDI product started mass
production for Geely Auto’s NEVs in the third quarter of 2023.
Taken together, this not only solidifies Himax’s leadership in
next-generation automotive displays, but also reflects the robust
market demand for advanced display technology. Fourth quarter
automotive business, encompassing drivers, automotive Tcon and OLED
sales, continued to be its largest revenue contributor at over 45%
of total sales. For tablet, Q4 sales grew high teens sequentially,
exceeding guidance, driven by successful new product launches by
customers during the quarter. Conversely, smartphone driver sales
declined as expected amidst a subdued festival season characterized
by sluggish demand. The small and medium-sized driver IC segment
accounted for 71.6% of total sales for the quarter, compared to
67.6% in the previous quarter and a year ago.
Fourth quarter revenues from its non-driver business also
exceeded guidance with revenue of $31.0 million but declined 8.2%
from a quarter ago. The better-than-expected performance is
attributable to a resurgence in orders for Tcon product line.
Adoption of Himax’s automotive local dimming Tcon is rapidly
expanding, as evidenced by hundreds of project awards across the
board. This paves the way for robust growth in the coming years,
mirroring the success seen in Himax’s automotive TDDI. Non-driver
products accounted for 13.6% of total revenues, as compared to
14.1% in the previous quarter and 15.8% a year ago.
Operating expenses for the fourth quarter were
$52.3 million, a decrease of 17.9% from the previous quarter and
roughly flat compared to a year ago. The substantial sequential
decrease was caused mainly by decreased annual bonus and salary
expenses, partially offset by an increase in R&D expenses.
Company’s standard practice of granting annual bonuses, including
cash and RSUs, at the end of September each year, can lead to
higher IFRS operating expenses in the third quarter compared to
other quarters of the year. Amidst prevailing macroeconomic
headwinds, Himax is currently exercising strict budget and expense
control with full year 2023 OPEX declining 4.0% compared to the
year before.
Q4 operating income was $16.7 million or 7.3% of
sales, compared to 10.5% of sales for the same period last year and
4.6% of sales last quarter. The sequential increase was primarily a
result of lower operating expenses from lower annual bonus
compensation, partially offset by decreased sales and gross margin
in the fourth quarter. The year-over-year decrease was primarily a
result of lower sales and gross margin compared to the same period
last year. Fourth quarter after-tax profit was $23.6 million, or
13.5 cents per diluted ADS, compared to $11.2 million, or 6.4 cents
per diluted ADS last quarter and $42.2 million, or 24.1 cents in
the same period last year. It’s worth noting that the favorable
after-tax profit exceeding operating income reflects the positive
tax adjustments made to rectify overestimated tax expenses for
preceding quarters this year. As a reminder and for the purpose of
year-over-year comparison, Himax made a divestiture of long-term
assets during Q4 2022, resulting in a non-operating income of
around $11 million on an after-tax basis.
Full Year 2023 Financial
ResultsRevenues totaled $945.4 million, reflecting a 21.3%
decline compared to 2022. Persistent subdued global demand, coupled
with looming recession concerns, presented significant challenges
to Himax’s operations throughout 2023. These market dynamics
adversely affected both demand and procurement processes of panel
customers, particularly in the realm of consumer electronics. Yet,
Himax’s optimism in the automotive business remains steadfast as
automotive TDDI sales witnessed a remarkable surge of over 50%,
reflecting the resilience and potential of Company’s largest
business segment.
Revenue from large panel display drivers totaled
$175.7 million in 2023, marking a decrease of 33.5% year-over-year,
and representing 18.6% of total sales, as compared to 22.0% in
2022. Small and medium-sized driver sales totaled $629.2 million,
reflecting a decrease of 19.2% year-over-year, and accounting for
66.5% of total revenues, as compared to 64.8% in 2022. Non-driver
product sales totaled $140.5 million, a decrease of 11.2%
year-over-year, and representing 14.9% of total sales, as compared
to 13.2% a year ago.
Inventory management also presented unique
challenges for Himax throughout the sluggish demand environment
this year. To navigate these circumstances, Company’s primary
objectives were the strategic depletion of excess inventory while
also tactically controlling Company’s wafer starts. Following
quarters of aggressive destocking, which often involved sacrificing
short-term gross margin, inventory decreased to near historical
norms by end of 2023. The remaining stocks feature promising
customer design-ins and long product life cycles that lay the
groundwork for a more stable outlook in 2024.
Gross margin in 2023 was 27.9%, decreasing from
40.5% in 2022. As a reminder, in Q2, the Company strategically
terminated high-cost foundry capacity agreements, leading to a
depressed Q2 gross margin of just 21.7%. Despite the temporary
margin contraction, this decision liberates new wafer starts from
minimum fulfillment constraints while positioning Himax to
capitalize on a turnaround in demand.
Operating expenses in 2023 were $220.3 million,
a decline of 4.0% from 2022, primarily a result of the lower vested
portion of the annual bonus compensation awarded to employees in
2023 and preceding years, partially offset by increased salaries
and R&D expenses. 2023 operating income was $43.2 million, or
4.6% of sales, a decrease from $257.6 million, or 21.4% of sales,
in 2022. Net profit for 2023 was $50.6 million, or $0.29 per
diluted ADS, as compared to $237.0 million, or $1.36 per diluted
ADS in 2022.
Balance Sheet and Cash Flow
Himax had $206.4 million of cash, cash
equivalents and other financial assets as of December 31, 2023.
This compares to $229.9 million at the same time last year and
$155.4 million a quarter ago. Himax achieved a strong positive
operating cash flow of $68.7 million for the fourth quarter, a
result of the substantial reduction in inventory across major
product lines. As of December 31, 2023, Himax had $40.5 million in
long-term unsecured loans, with $6.0 million representing the
current portion.
The Company’s inventories as of December 31,
2023 were $217.3 million, lower than $259.6 million last quarter
and $370.9 million at the end of last year. Inventory level has
declined steadily over the last five quarters and reached a healthy
level by the end of 2023. Accounts receivable at the end of
December 2023 was $235.8 million, a decline from $248.5 million
last quarter and down from $261.1 million a year ago. DSO was 91
days at the quarter end, as compared to 95 days last quarter and 79
days a year ago. Fourth quarter capital expenditures were $15.1
million, versus $2.6 million last quarter and $2.3 million a year
ago. Fourth quarter capex was mainly allocated to in-house testers
for IC design business, in addition to other R&D related
equipment. Total capital expenditures for 2023 were $23.4 million
as compared to $11.8 million in 2022.
Outstanding Share
As of December 31, 2023, Himax had 174.7 million
ADS outstanding, unchanged from last quarter. On a fully diluted
basis, the total number of ADS outstanding for the fourth quarter
was 175.0 million.
Q1 2024 Outlook
Traditionally, business operations in the first
quarter decelerate due to the Lunar New Year holidays. This year,
exacerbated conditions due to sluggish demand are causing panel
makers to strategically lower factory utilizations, in an attempt
to support panel pricing and profitability. In tandem, OEMs and end
customers are maintaining their cautious approach with heightened
procurement scrutiny, even with inventories now at more manageable
levels. This shift has resulted in shortened forecasts and more
frequent last-minute orders, ultimately constraining Company’s
visibility, particularly in consumer electronics products.
To fortify the resilience of Company’s
operations, Himax is actively implementing strategies to optimize
costs and diversify suppliers in both foundries and backend sources
to enhance supply flexibility and cost-effectiveness. The
recent partnership with Nexchip for the automotive market
illustrated Himax’s supplier diversification strategy. It also
highlighted Company’s strategic approach to better align with
customers’ regional supply policies, particularly addressing the
surging demand in China’s automotive industry.
In addition, Himax’s recent presence at CES
provided a comprehensive outlook on its strategic focus for the
upcoming years, covering automotive, WiseEye AI and optical
technologies. In automotive, Himax’s primary revenue contributor,
the Company remains as optimistic as ever given its extensive,
unparalleled product portfolio across a broad spectrum of
technologies from mainstream LCD technology to the emerging OLED
technology. Notably, within the automotive LCD display sector,
Himax has secured hundreds of design-wins in TDDI and local dimming
Tcon and continue to see ongoing expansion in its pipeline. The
majority of these design-wins are slated for mass production in the
next two years, underscoring its continued market dominance moving
forward. Furthermore, Himax’s expansion into automotive OLED
displays, covering all of DDIC, Tcon, and touch controller,
bolsters its market share leadership by offering customers an
integrated bundle solution. As a reminder, Company’s automotive
driver business represented 36.0% of total sales in the full year
2023, and Himax anticipates it will expand to well over 40% of
total sales in 2024.
In the AI domain, Himax is relentlessly
dedicated to its WiseEye product line where Himax already achieved
industry-leading ultralow power consumption and AI inference
performance. Company’s achievement with WiseEye is also now further
supported through strategic collaborations with ecosystem partners
and system integration companies covering a broad range of AI
applications. Concurrently, Himax is actively expanding its easy to
adopt WiseEye Module offering for the endpoint AI market to cater
to its diverse needs and capitalize on the extensive opportunities
in endpoint AI. Looking further out on the horizon, while the
realization of LCoS may span several years, the ultra-illuminance
Color Sequential Front-Lit LCoS microdisplay that Himax unveiled at
the CES marked a major technology breakthrough that Himax believes
will pave the way for the realization of true see-through AR
goggles.
In summary, driven by accelerating growth in
automotive segment and expansion beyond core driver business, Himax
is well positioned for sustainable long-term revenue growth and
profitability. Furthermore, Company’s automotive, WiseEye, and LCoS
product lines have attracted a strong global client base, which
significantly extends its reach and strengthens Company’s presence
in markets worldwide while diversifying regional exposure and
adding stability to its operations.
Display Driver IC
Businesses
LDDIC
In Q1 2024, Himax anticipates a sequential
decline of single digit in large display driver IC revenue,
primarily attributed to weaker-than-expected sell-through during
the slow season. Panel makers are deliberately lowering factory
utilizations, striving to safeguard panel prices by constraining
panel supply amidst the prevailing sluggish market. Himax expects
Q1 sales for TV and monitor ICs to decline quarter over quarter.
However, Q1 notebook IC sales are poised for a decent increase,
bolstered by customer restocking following several quarters of
muted demand.
In the notebook market, as customers strive to
differentiate and add value to their products, a discernible trend
is unfolding, marked by increasing adoption of touch features and
AMOLED displays in premium notebooks and upcoming AI PCs.
Touch features enhance user interaction and enrich AI user
experience while AMOLED display elevates visual enhancement in
areas such as gaming and entertainment. It’s crucial to emphasize
Himax’s heightened focus and the growing significance of both
technologies. Notably, during CES this year, Himax unveiled
industry-leading on-cell AMOLED touch controller and in-cell TDDI
for premium OLED and LCD notebooks respectively. Himax’s on-cell
AMOLED touch controller is designed to address the demand for
accurate touch response and enhanced handwriting capability in the
emerging mid-sized OLED displays for notebooks that feature
thinner, lighter, brighter and wider color gamut visual experience.
What distinguishes Himax’s touch controller is a comprehensive set
of features, which include support for various OLED panel types in
rigid, flexible and hybrid, the capability to handle
responsive touch operations of up to 10 fingers, and compatibility
with various industry-standard active stylus protocols. By
expanding Company’s OLED portfolio to include a touch controller IC
along with existing DDIC and Tcon, the Company provides a
comprehensive AMOLED notebook solution. Meanwhile, the recently
launched in-cell TDDI for LCD notebooks offers precise touch
sensitivity, vibrant multi-finger operation, and acute active
stylus functionalities, along with support for large size, high
resolution, low power consumption, and slim bezel designs. By
leveraging these extensive product portfolios, Himax is well
positioned to capitalize on this market shift through
collaborations with key Korean and Chinese panel makers where mass
production is scheduled to commence in the second half of this year
for next generation premium notebook models. Furthermore, the
incorporation of high-value-added features increases the content
value gained per panel while presenting a new opportunity for
Himax. Looking ahead to 2025, the Company anticipates a
decent replacement cycle when, armed with leading solutions for
high-end market launched lately, Himax’s presence in the notebook
market will be further lifted.
SMDDIC
Q1 SMDDIC revenue is expected to decline high
teens sequentially, on the backdrop of traditional low seasonality
where demand for consumer electronics remains sluggish. Smartphone
and tablet sales are projected to decline single digit and
double-digit respectively in Q1. Automotive revenue is also
expected to decline mid-teens sequentially, following robust order
replenishment in previous quarters. In contrast, Q1 automotive TDDI
sales are still poised for sequential growth, defying recent
reports of slower electric vehicle demand in China. The swift and
ongoing expansion of TDDI adoption, as evidenced by over 400
secured design-win projects, positions Himax significantly ahead of
Himax’s peers. With approximately 30% of awarded projects currently
in mass production and a continuous influx of new pipeline and
design wins across the board, Himax’s leadership position is
reinforced looking ahead into 2024 and beyond. Remarkably,
automotive TDDI sales are anticipated to account for almost half of
total automotive driver sales in Q1. Meanwhile, a prominent trend
is emerging as more customers opt for Himax’s TDDI or LTDI, coupled
with Company’s local dimming Tcon, as their standard development
platform for crafting new automotive displays of various sizes.
This movement has drawn the interest of leading panel makers, Tier
1s, and car manufacturers across the spectrum, who acknowledge the
benefits of Himax’s supreme bundle solution to accelerate their new
panel development and elevate their product values.
On LTDI, Himax is proud to be pioneering the
introduction of LTDI to the automotive display market. Once again,
Himax stands as the first company in the world to initiate mass
production of LTDI, starting with Geely Auto’s NEVs in the third
quarter 2023. For displays larger than 30 inches, the incorporation
of LTDI signifies increased content value for Himax on a per-panel
basis, where such large displays usually necessitate six or more
LTDI chips and at least one local dimming Tcon. This opens a new
revenue stream for Himax and fortifies Himax’s market leadership
moving forward.
During CES this year, Himax presented the most
comprehensive product lineup for display semiconductor
technologies, ranging from traditional DDIC and TDDI, to
cutting-edge LTDI and local dimming Tcon for LCD panel, and
extending into AMOLED display solutions. Himax’s AMOLED portfolio,
which used to be comprised of DDIC and Tcon, now expands to on-cell
touch controller. It’s important to point out that the automotive
industry upholds stringent standards of quality and reliability,
surpassing those of consumer products. In acknowledgement of these
heightened requirements, the recently unveiled AMOLED touch
controller IC is meticulously engineered with an industry-leading
touch signal-to-noise ratio exceeding 45 dB, making it the ideal
solution to meet the needs of flexible OLED panels often required
for automotive application. It also provides improved sensitivity
to challenging user conditions such as glove-wearing and wet finger
operations, guaranteeing exceptional performance with display
quality free from interference by touch-display interactions.
Furthermore, Himax’s touch controller supports multi-finger
capacitive touch, is compatible with multiple OLED panel types and
has the capability to cascade multiple chips in support of larger
than 20-inch displays. With project awards from leading AMOLED
panel manufacturers, Himax’s automotive AMOLED touch controller is
poised to commence mass production in the upcoming quarters. Himax
continues to strive toward providing the most extensive array of
automotive display solutions in the market. This commitment
involves fostering robust partnerships with all panel makers, Tier
1 suppliers, and car manufacturers across the globe, ensuring
comprehensive solutions that cater to a wide spectrum of customer
preferences and industry requirements.
On smartphone and tablet product lines, Himax
continues to see lackluster demand in the market. On a positive
note, Himax’s inventory has substantially rebalanced to a
satisfactory level. With the destocking process nearly complete,
Himax placed wafer starts for select products starting in Q2 last
year. Concurrently, Himax is diligently working on improving
Himax’s cost structure through supplier diversification and
strategic alliances, thereby positioning Company for an anticipated
resurgence in demand.
On AMOLED, Himax is actively venturing into
AMOLED market by forging strategic partnerships with leading panel
manufacturers in Korea and China, spanning a diverse range of
applications, including automotive, tablets, notebooks, and
smartphones. As the Company just covered, it has made great
progress in automotive, tablet, and notebook markets, where the
Company offers comprehensive solutions covering DDIC, Tcon, and
touch controller. Mass production for most of these new solutions
is expected to commence in the second half of 2024. In the
smartphone AMOLED display driver segment, however, the prevailing
slowdown in smartphone market demand has led to adjustments to
Company’s initial timeline. Nevertheless, collaborations with
customers in Korea and China are ongoing with verification and
partnership projects underway.
Non-Driver Product
Categories
Timing Controller (Tcon)
The Company anticipates Q1 Tcon sales to
increase by single digit sequentially, driven by increasing Tcon
shipments for automotive displays and OLED displays for tablets.
Despite subdued end market demand, Himax is actively developing
next generation Tcon IC for OLED tablets, notebooks, and automotive
applications. The initiative aims to broaden and diversify product
offerings while also positioning Company to capitalize on a market
resurgence. Thanks to Company’s cutting-edge local dimming
technology, Himax is the industry leader in automotive Tcon with an
unchallenged leading position of over one hundred design-win
projects under its belt. At CES 2024, Company unveiled its latest
local dimming Tcon which features advanced image enhancement with
wide color spectrum, ensuring exceptional visual quality that
supports resolutions of up to 12Kx1K, and exceptional dynamic
contrast enhancement tailored to real time display content, all
while adhering to power efficiency and stringent automotive safety
standards. The rapid increase in customer adoption reflects the
growing traction and trust in Himax’s solutions. The Company
expects a decent growth trajectory for local dimming Tcon over the
next few years.
WiseEyeTM
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.
During CES this year, Himax highlighted a range of application
demonstrations which have swiftly gained adoption across various
domains, featuring Himax’s industry leading ultralow power and
potent AI capabilities. Himax achieved noteworthy progress with
customers, particularly in implementing WiseEye in smart door
locks. The collaboration with the China smart door lock
leader, DESMAN, marks a groundbreaking feature advancement in the
door lock industry, as Himax’s ultralow power WiseEye AI, with
remarkably low power consumption of just 1 mW, enables the world’s
first smart door lock featuring uninterrupted surveillance with
24/7 real-time sentry monitoring while at the same time
significantly extending battery life. The Company also
showcased an adoption of WiseEye in a capsule endoscope, a highly
encouraging advancement in the medical area. WiseEye AI solution
empowers tiny pill-sized capsule endoscopes which are easy to
swallow, facilitating smooth medical examination processes. The
device consumes minimal power to sustain continuous image capture
and transmission for up to 12 hours. This creates a significantly
simplified medical process when compared to conventional
procedures, which often involves the use of invasive endoscope
tubes. Himax is excited about the potential for this transformative
development for the healthcare industry and expect to commence
production with a customer in 2025.
On the update of WiseEye2, Himax’s new
generation AI processor. Himax is honored to report
that WiseEye2 was awarded the "2023 Best AI Product Award" by
EE Awards Asia, further elevating Himax's WiseEye AI prominence in
the industry. WiseEye2 is pioneering a new standard in endpoint AI
benchmarks, earning recognition for its outstanding AI inference
capability, industry-leading ultralow power efficiency, and
advanced security features. In the realm of context-aware
AI, WiseEye2 facilitates high-precision detection with
features such as face mesh, facial landmark, hand gesture, and
human pose and skeleton, which expands the intuitive, user-friendly
scope of interactive applications in real-life, all achieved with
minimal power consumption. Moreover, WiseEye2 streamlines the
system integration with a rich set of peripheral interfaces,
effectively lowering the system cost for edge appliances by
eliminating the need for costly, power-hungry discrete MCUs
otherwise required to process various sensor data.
Additionally, WiseEye2 boasts versatile sensor fusion
capabilities, encompassing image, video, audio, vibration and
thermal inputs. This enables sophisticated, integral and highly
accurate detection with low latency, especially suitable in anomaly
detection with timely warnings, making it an ideal solution for a
range of industrial applications, notably in automated and unmanned
factories. Alongside Company’s ongoing collaboration with end
customers, significant progress is being made in partnerships with
major CPU and AP SOC players in preparation for their next
generation smart notebooks, AI PCs, surveillance applications and a
host of other endpoint AI applications.
Concurrently, to meet various application
requirements and extend market reach, Himax is in collaborations
with numerous ecosystem partners and system integration companies,
offering hands-on development tools and vigorous AI models to
streamline customer development efforts and reduce cost for their
AI product introduction. The launch of Himax’s production-ready
WiseEye Modules exemplifies this business model. These modules
incorporate Himax's low-power CMOS image sensors, WiseEye1 or
WiseEye2 AI processor, and versatile AI models from either in-house
or third-party partners. Meticulously designed with tiny form
factors, highly integrated and plug-and-play characteristics, the
modules feature user-programmable, pre-loaded AI models to
facilitate seamless system integration, lowering the entry barrier
and cost for AI development. This initiative is particularly
well-suited for early-stage market engagement applications.
Furthermore, Himax continues to collaborate with ecosystem partners
to unveil a spectrum of plug-and-play AI modules that incorporate
advanced no-code/low-code AI solutions. By leveraging their
strengths in specific domains and existing channels, these
collaborative efforts ensure the Company can meet diverse
development needs for both software and hardware. Notably at CES
2024, Himax’s partnership with Seeed Studio on its battery-powered
endpoint AI vision processing module, Grove Vision AI Module V2,
significantly underscores Company’s dedication to making AI
technology easily accessible.
After years of dedicated efforts to enhance
Company’s AI capabilities in ultralow power AI processing and image
sensing for endpoint AI applications, Himax believes that Himax’s
WiseEye AI business will emerge as a multi-year structural growth
driver for Himax.
Optical Related Product Lines /
Metaverse
On Himax’s optical related product lines. Himax
is a distinguished industry leader with a diverse range of optical
and optoelectronics products crucial for building emerging
metaverse applications. Himax strives to innovate and advance
various technologies in this arena, including Wafer Level Optics
(WLO), 3D Sensing, Liquid Crystal on Silicon (LCoS), among others,
pushing the envelope in a variety of fields. Company’s
technological expertise and extensive manufacturing experience are
evident in growing clientele for AR/VR goggles and ongoing
engineering projects.
On Himax’s advancements in LCoS, a technology
where Himax boasts a decade-long expertise and proven track record
of shipments for AR goggles with global leading names. Himax’s
latest breakthrough Color Sequential Front-Lit LCoS Microdisplay
offers unparalleled industry-leading brightness of up to 180,000
nits, providing ultra-luminance performance in vibrant RGB
displays. It also features superior optical power efficiency, a
compact form factor, and ultra-lightweight design which make it the
best choice for the next generation of see-through AR devices.
Currently, Himax is actively involved in follow-up engineering
activities in collaboration with key tech players and anticipates
significant opportunities in the coming years.
On the recent introduction of nano-imprint
optical film technology in automotive lighting by Himax's
subsidiary, CMVT, in collaboration with Ta Yih Industrial, a global
leader in automotive lighting manufacturing. The state-of-the-art
technology was implemented within a leading-edge LED Edge-Lit Type
automotive lighting. By leveraging Himax’s nano-imprint optical
film, side-emitting LED light is reflected or refracted towards the
illumination direction of the automotive lamps, ensuring
uniformity, minimizing fixture size, and enabling precise control
of light, compared to conventional direct-lit type automotive
lighting. This results in enhanced efficiency, reduced LED usage,
and the ability to create versatile patterns at a significantly
lower cost. This groundbreaking development unlocks not only
extensive visual possibilities for automotive lighting, but also
interior light decoration design as well as related illumination
applications.
The Company believes its optical and
optoelectronics technologies as poised to play an important
enabling role in developing next generation metaverse applications.
Himax is committed to advancing this technology suite,
collaboratively expanding application possibilities with industry
leaders who are deeply devoted to advancing their next-generation
metaverse-related products.
For non-driver IC business, the Company expects
revenue to decline single digit sequentially in the first
quarter.
First Quarter 2024
GuidanceNet Revenue: Decline 9% to 16% sequentially Gross
Margin: Around 28.5%, depending on final product mix Profit: 2.0
cents to 5.0 cents per diluted ADS
HIMAX TECHNOLOGIES FOURTH QUARTER AND
FULL YEAR 2023 EARNINGS CONFERENCE CALL
DATE: |
Tuesday,
February 6, 2024 |
TIME: |
U.S. 8:00 a.m. EST |
|
Taiwan 9:00 p.m. |
WEBCAST: |
https://edge.media-server.com/mmc/p/9rgsdrfd/ |
PHONE REGISTRATION: |
https://register.vevent.com/register/BI639c455dbbe245329577a8199a5ef371 |
|
|
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/9rgsdrfd/. 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 6, 2025
About Himax Technologies,
Inc.
Himax Technologies, Inc. (NASDAQ: HIMX) is a
leading global fabless semiconductor solution provider dedicated to
display imaging processing technologies. The Company’s display
driver ICs and timing controllers have been adopted at scale across
multiple industries worldwide including TVs, PC monitors, laptops,
mobile phones, tablets, automotive, ePaper devices, industrial
displays, among others. As the global market share leader in
automotive display technology, the Company offers innovative and
comprehensive automotive IC solutions, including traditional driver
ICs, advanced in-cell Touch and Display Driver Integration (TDDI),
local dimming timing controllers (Local Dimming Tcon), Large Touch
and Display Driver Integration (LTDI) and AMOLED display
technologies. Himax is also a pioneer in tinyML visual-AI and
optical technology related fields. The Company’s industry-leading
WiseEye™ Smart Sensing technology which incorporates Himax
proprietary ultralow power AI processor, always-on CMOS image
sensor, and CNN-based AI algorithm has been widely deployed in
consumer electronics and AIoT related applications. While Himax
optics technologies, such as diffractive wafer level optics, LCoS
microdisplays and 3D sensing solutions, are critical for
facilitating emerging AR/VR/metaverse technologies. Additionally,
Himax designs and provides touch controllers, AMOLED ICs, LED
drivers, EPD drivers, power management ICs, and CMOS image sensors
for diverse display application coverage. Founded in 2001 and
headquartered in Tainan, Taiwan, Himax currently employs around
2,200 people from three Taiwan-based offices in Tainan, Hsinchu and
Taipei and country offices in China, Korea, Japan, Germany, and the
US. Himax has 2,788 patents granted and 400 patents pending
approval worldwide as of December 31, 2023.
Forward Looking Statements
Factors that could cause actual events or results to differ
materially from those described in this conference call include,
but are not limited to, the effect of the Covid-19 pandemic on the
Company’s business; general business and economic conditions and
the state of the semiconductor industry; market acceptance and
competitiveness of the driver and non-driver products developed by
the Company; demand for end-use applications products; reliance on
a small group of principal customers; the uncertainty of continued
success in technological innovations; our ability to develop and
protect our intellectual property; pricing pressures including
declines in average selling prices; changes in customer order
patterns; changes in estimated full-year effective tax rate;
shortage in supply of key components; changes in environmental laws
and regulations; changes in export license regulated by Export
Administration Regulations (EAR); exchange rate fluctuations;
regulatory approvals for further investments in our subsidiaries;
our ability to collect accounts receivable and manage inventory and
other risks described from time to time in the Company's SEC
filings, including those risks identified in the section entitled
"Risk Factors" in its Form 20-F for the year ended December 31,
2022 filed with the SEC, as may be amended.
Company Contacts:
Eric Li, Chief IR/PR
OfficerHimax Technologies, Inc.Tel: +886-6-505-0880 Fax:
+886-2-2314-0877Email: hx_ir@himax.com.twwww.himax.com.tw
Karen Tiao, Investor RelationsHimax
Technologies, Inc.Tel: +886-2-2370-3999Fax: +886-2-2314-0877Email:
hx_ir@himax.com.twwww.himax.com.tw
Mark Schwalenberg, DirectorInvestor
Relations - US RepresentativeMZ North America
Tel: +1-312-261-6430Email:
HIMX@mzgroup.uswww.mzgroup.us
-Financial Tables-
Himax Technologies, Inc. |
Unaudited Condensed Consolidated Statements of Profit or
Loss |
(These interim financials do not fully comply with IFRS
because they omit all interim disclosure required by
IFRS) |
(Amounts in Thousands of U.S. Dollars, Except Share and Per
Share Data) |
|
|
Three MonthsEndedDecember
31, |
|
Three MonthsEndedSeptember
30, |
|
2023 |
|
2022 |
|
2023 |
|
|
|
|
|
|
Revenues |
|
|
|
|
|
Revenues from third parties, net |
$ |
227,664 |
|
|
$ |
262,245 |
|
|
$ |
238,466 |
|
Revenues from related parties, net |
|
14 |
|
|
|
45 |
|
|
|
49 |
|
|
|
227,678 |
|
|
|
262,290 |
|
|
|
238,515 |
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
Cost of revenues |
|
158,669 |
|
|
|
182,239 |
|
|
|
163,692 |
|
Research and development |
|
41,088 |
|
|
|
40,158 |
|
|
|
49,444 |
|
General and administrative |
|
5,831 |
|
|
|
6,651 |
|
|
|
7,050 |
|
Sales and marketing |
|
5,409 |
|
|
|
5,716 |
|
|
|
7,239 |
|
Total costs and expenses |
|
210,997 |
|
|
|
234,764 |
|
|
|
227,425 |
|
|
|
|
|
|
|
Operating income |
|
16,681 |
|
|
|
27,526 |
|
|
|
11,090 |
|
|
|
|
|
|
|
Non operating income (loss): |
|
|
|
|
|
Interest income |
|
1,934 |
|
|
|
1,990 |
|
|
|
1,837 |
|
Changes in fair value of financial assets at fair value through
profit or loss |
|
1,710 |
|
|
|
885 |
|
|
|
(432 |
) |
Foreign currency exchange gains (losses), net |
|
(1,525 |
) |
|
|
(443 |
) |
|
|
764 |
|
Finance costs |
|
(1,140 |
) |
|
|
(1,332 |
) |
|
|
(1,482 |
) |
Share of losses of associates |
|
(14 |
) |
|
|
(170 |
) |
|
|
(220 |
) |
Other income (loss) |
|
(2,294 |
) |
|
|
10,724 |
|
|
|
409 |
|
|
|
(1,329 |
) |
|
|
11,654 |
|
|
|
876 |
|
Profit before income taxes |
|
15,352 |
|
|
|
39,180 |
|
|
|
11,966 |
|
Income tax expense (benefit) |
|
(7,933 |
) |
|
|
(2,818 |
) |
|
|
1,214 |
|
Profit for the period |
|
23,285 |
|
|
|
41,998 |
|
|
|
10,752 |
|
Loss attributable to
noncontrolling interests |
|
280 |
|
|
|
158 |
|
|
|
484 |
|
Profit attributable to
Himax Technologies, Inc. stockholders |
$ |
23,565 |
|
|
$ |
42,156 |
|
|
$ |
11,236 |
|
|
|
|
|
|
|
Basic earnings per ADS
attributable to Himax Technologies, Inc. stockholders |
$ |
0.135 |
|
|
$ |
0.241 |
|
|
$ |
0.064 |
|
Diluted earnings per
ADS attributable to Himax Technologies, Inc.
stockholders |
$ |
0.135 |
|
|
$ |
0.241 |
|
|
$ |
0.064 |
|
|
|
|
|
|
|
Basic Weighted Average Outstanding ADS |
|
174,724 |
|
|
|
174,812 |
|
|
|
174,420 |
|
Diluted Weighted Average Outstanding ADS |
|
174,979 |
|
|
|
174,997 |
|
|
|
174,773 |
|
|
|
|
|
|
|
|
|
|
|
|
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 Months Ended December
31, |
|
|
|
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
Revenues from third parties, net |
|
|
|
$ |
945,309 |
|
|
$ |
1,201,124 |
|
Revenues from related parties, net |
|
|
|
|
119 |
|
|
|
215 |
|
|
|
|
|
|
945,428 |
|
|
|
1,201,339 |
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
|
|
681,931 |
|
|
|
714,233 |
|
Research and development |
|
|
|
|
171,392 |
|
|
|
175,557 |
|
General and administrative |
|
|
|
|
25,037 |
|
|
|
28,503 |
|
Sales and marketing |
|
|
|
|
23,856 |
|
|
|
25,459 |
|
Total costs and expenses |
|
|
|
|
902,216 |
|
|
|
943,752 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
|
|
43,212 |
|
|
|
257,587 |
|
|
|
|
|
|
|
|
|
|
|
|
Non operating income (loss): |
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
|
|
8,746 |
|
|
|
4,813 |
|
Changes in fair value of financial assets at fair value through
profit or loss |
|
|
|
|
1,655 |
|
|
|
1,246 |
|
Foreign currency exchange gains (losses), net |
|
|
|
|
(768 |
) |
|
|
5,506 |
|
Finance costs |
|
|
|
|
(6,080 |
) |
|
|
(2,783 |
) |
Share of losses of associates |
|
|
|
|
(598 |
) |
|
|
(743 |
) |
Other income (loss) |
|
|
|
|
(1,774 |
) |
|
|
10,939 |
|
|
|
|
|
|
1,181 |
|
|
|
18,978 |
|
Profit before income taxes |
|
|
|
|
44,393 |
|
|
|
276,565 |
|
Income tax expense (benefit) |
|
|
|
|
(5,028 |
) |
|
|
41,098 |
|
Profit for the period |
|
|
|
|
49,421 |
|
|
|
235,467 |
|
Loss attributable to
noncontrolling interests |
|
|
|
|
1,195 |
|
|
|
1,515 |
|
Profit attributable to
Himax Technologies, Inc. stockholders |
|
|
|
$ |
50,616 |
|
|
$ |
236,982 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per ADS
attributable to Himax Technologies, Inc. stockholders |
|
|
|
$ |
0.290 |
|
|
$ |
1.356 |
|
Diluted earnings per
ADS attributable to Himax Technologies, Inc.
stockholders |
|
|
|
$ |
0.290 |
|
|
$ |
1.356 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic Weighted Average Outstanding ADS |
|
|
|
|
174,495 |
|
|
|
174,724 |
|
Diluted Weighted Average Outstanding ADS |
|
|
|
|
174,783 |
|
|
|
174,817 |
|
|
Himax Technologies, Inc. |
IFRS Unaudited Condensed Consolidated Statements of
Financial Position |
(Amounts in Thousands of U.S. Dollars) |
|
|
|
December 31, 2023 |
|
December 31, 2022 |
|
September 30, 2023 |
Assets |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
191,749 |
|
|
$ |
221,581 |
|
|
$ |
147,257 |
|
Financial assets at amortized cost |
|
|
12,511 |
|
|
|
8,314 |
|
|
|
8,139 |
|
Financial assets at fair value through profit or loss |
|
|
2,117 |
|
|
|
- |
|
|
|
- |
|
Accounts receivable, net (including related parties) |
|
|
235,829 |
|
|
|
261,148 |
|
|
|
248,507 |
|
Inventories |
|
|
217,308 |
|
|
|
370,933 |
|
|
|
259,610 |
|
Income taxes receivable |
|
|
1,454 |
|
|
|
31 |
|
|
|
22 |
|
Restricted deposit |
|
|
453,000 |
|
|
|
369,300 |
|
|
|
453,000 |
|
Other receivable from related parties |
|
|
69 |
|
|
|
1,224 |
|
|
|
1,190 |
|
Other current assets |
|
|
86,548 |
|
|
|
104,277 |
|
|
|
102,652 |
|
Total current assets |
|
|
1,200,585 |
|
|
|
1,336,808 |
|
|
|
1,220,377 |
|
Financial assets at
fair value through profit or loss |
|
|
21,650 |
|
|
|
15,350 |
|
|
|
18,655 |
|
Financial assets at
fair value through other comprehensive
income |
|
|
1,635 |
|
|
|
279 |
|
|
|
289 |
|
Equity method
investments |
|
|
3,490 |
|
|
|
6,533 |
|
|
|
5,801 |
|
Property, plant and
equipment, net |
|
|
130,109 |
|
|
|
126,138 |
|
|
|
119,231 |
|
Deferred tax
assets |
|
|
14,196 |
|
|
|
11,797 |
|
|
|
11,244 |
|
Goodwill |
|
|
28,138 |
|
|
|
28,138 |
|
|
|
28,138 |
|
Other intangible
assets, net |
|
|
816 |
|
|
|
1,094 |
|
|
|
851 |
|
Restricted
deposit |
|
|
32 |
|
|
|
32 |
|
|
|
31 |
|
Refundable
deposits |
|
|
222,025 |
|
|
|
162,968 |
|
|
|
205,383 |
|
Other non-current
assets |
|
|
20,728 |
|
|
|
12,621 |
|
|
|
7,734 |
|
|
|
|
442,819 |
|
|
|
364,950 |
|
|
|
397,357 |
|
Total assets |
|
$ |
1,643,404 |
|
|
$ |
1,701,758 |
|
|
$ |
1,617,734 |
|
Liabilities and
Equity |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Short-term unsecured borrowings |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
279 |
|
Current portion of long-term unsecured borrowings |
|
|
6,000 |
|
|
|
6,000 |
|
|
|
6,000 |
|
Short-term secured borrowings |
|
|
453,000 |
|
|
|
369,300 |
|
|
|
453,000 |
|
Accounts payable (including related parties) |
|
|
107,342 |
|
|
|
122,042 |
|
|
|
109,554 |
|
Income taxes payable |
|
|
15,309 |
|
|
|
69,383 |
|
|
|
19,061 |
|
Other payable to related parties |
|
|
110 |
|
|
|
2,568 |
|
|
|
1,937 |
|
Contract liabilities-current |
|
|
17,751 |
|
|
|
49,167 |
|
|
|
16,774 |
|
Other current liabilities |
|
|
109,291 |
|
|
|
75,535 |
|
|
|
89,342 |
|
Total current liabilities |
|
|
708,803 |
|
|
|
693,995 |
|
|
|
695,947 |
|
Long-term unsecured
borrowings |
|
|
34,500 |
|
|
|
40,500 |
|
|
|
36,000 |
|
Deferred tax
liabilities |
|
|
520 |
|
|
|
691 |
|
|
|
658 |
|
Other non-current
liabilities |
|
|
35,879 |
|
|
|
72,751 |
|
|
|
47,454 |
|
|
|
|
70,899 |
|
|
|
113,942 |
|
|
|
84,112 |
|
Total liabilities |
|
|
779,702 |
|
|
|
807,937 |
|
|
|
780,059 |
|
Equity |
|
|
|
|
|
|
Ordinary shares |
|
|
107,010 |
|
|
|
107,010 |
|
|
|
107,010 |
|
Additional paid-in capital |
|
|
114,648 |
|
|
|
112,249 |
|
|
|
114,097 |
|
Treasury shares |
|
|
(5,157 |
) |
|
|
(5,594 |
) |
|
|
(5,157 |
) |
Accumulated other comprehensive income |
|
|
(180 |
) |
|
|
(218 |
) |
|
|
(715 |
) |
Retained earnings |
|
|
640,447 |
|
|
|
679,125 |
|
|
|
622,077 |
|
Equity attributable to owners of Himax Technologies,
Inc. |
|
|
856,768 |
|
|
|
892,572 |
|
|
|
837,312 |
|
Noncontrolling
interests |
|
|
6,934 |
|
|
|
1,249 |
|
|
|
363 |
|
Total equity |
|
|
863,702 |
|
|
|
893,821 |
|
|
|
837,675 |
|
Total liabilities and equity |
|
$ |
1,643,404 |
|
|
$ |
1,701,758 |
|
|
$ |
1,617,734 |
|
|
Himax Technologies, Inc. |
Unaudited Condensed Consolidated Statements of Cash
Flows |
(Amounts in Thousands of U.S. Dollars) |
|
|
Three MonthsEndedDecember
31, |
|
Three MonthsEndedSeptember
30, |
|
|
2023 |
|
2022 |
|
2023 |
|
|
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
|
|
Profit for the period |
|
$ |
23,285 |
|
|
$ |
41,998 |
|
|
$ |
10,752 |
|
Adjustments for: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
5,115 |
|
|
|
5,196 |
|
|
|
5,094 |
|
Gain on disposal of subsidiary |
|
|
- |
|
|
|
(10,694 |
) |
|
|
- |
|
Share-based compensation expenses |
|
|
346 |
|
|
|
1,094 |
|
|
|
789 |
|
Gain on disposals of property, plant and equipment, net |
|
|
(368 |
) |
|
|
- |
|
|
|
- |
|
Loss on re-measurement of the pre-existing relationships in a
business combination |
|
|
1,932 |
|
|
|
- |
|
|
|
- |
|
Changes in fair value of financial assets at fair value through
profit or loss |
|
|
(1,710 |
) |
|
|
(885 |
) |
|
|
432 |
|
Interest income |
|
|
(1,934 |
) |
|
|
(1,990 |
) |
|
|
(1,837 |
) |
Finance costs |
|
|
1,140 |
|
|
|
1,332 |
|
|
|
1,482 |
|
Income tax expense (benefit) |
|
|
(7,933 |
) |
|
|
(2,818 |
) |
|
|
1,214 |
|
Share of losses of associates |
|
|
14 |
|
|
|
170 |
|
|
|
220 |
|
Inventories write downs |
|
|
5,727 |
|
|
|
9,104 |
|
|
|
5,263 |
|
Unrealized foreign currency exchange losses (gains) |
|
|
1,517 |
|
|
|
703 |
|
|
|
(878 |
) |
|
|
|
27,131 |
|
|
|
43,210 |
|
|
|
22,531 |
|
Changes in: |
|
|
|
|
|
|
Accounts receivable (including related parties) |
|
|
8,163 |
|
|
|
(10,057 |
) |
|
|
(9,468 |
) |
Inventories |
|
|
36,580 |
|
|
|
30,034 |
|
|
|
32,395 |
|
Other receivable from related parties |
|
|
(29 |
) |
|
|
6 |
|
|
|
(19 |
) |
Other current assets |
|
|
(5,682 |
) |
|
|
2,673 |
|
|
|
4,157 |
|
Accounts payable (including related parties) |
|
|
(627 |
) |
|
|
(68,426 |
) |
|
|
(18,096 |
) |
Other payable to related parties |
|
|
363 |
|
|
|
182 |
|
|
|
(329 |
) |
Contract liabilities |
|
|
(958 |
) |
|
|
2,330 |
|
|
|
(2,885 |
) |
Other current liabilities |
|
|
3,014 |
|
|
|
2,045 |
|
|
|
(2,145 |
) |
Other non-current liabilities |
|
|
393 |
|
|
|
2,315 |
|
|
|
(9,697 |
) |
Cash generated from operating activities |
|
|
68,348 |
|
|
|
4,312 |
|
|
|
16,444 |
|
Interest received |
|
|
2,665 |
|
|
|
2,796 |
|
|
|
1,185 |
|
Interest paid |
|
|
(1,140 |
) |
|
|
(1,332 |
) |
|
|
(1,482 |
) |
Income tax paid |
|
|
(1,131 |
) |
|
|
(310 |
) |
|
|
(104 |
) |
Net cash provided by operating activities |
|
|
68,742 |
|
|
|
5,466 |
|
|
|
16,043 |
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
Acquisitions of property, plant and equipment |
|
|
(15,052 |
) |
|
|
(2,312 |
) |
|
|
(2,619 |
) |
Proceeds from disposal of property, plant and equipment |
|
|
111 |
|
|
|
- |
|
|
|
- |
|
Acquisitions of intangible assets |
|
|
(40 |
) |
|
|
(162 |
) |
|
|
(64 |
) |
Acquisitions of financial assets at amortized cost |
|
|
(4,573 |
) |
|
|
(784 |
) |
|
|
(675 |
) |
Proceeds from disposal of financial assets at amortized cost |
|
|
784 |
|
|
|
841 |
|
|
|
640 |
|
Acquisitions of financial assets at fair value through profit or
loss |
|
|
(5,375 |
) |
|
|
(5,081 |
) |
|
|
(21,210 |
) |
Proceeds from disposal of financial assets at fair value through
profit or loss |
|
|
1,645 |
|
|
|
5,082 |
|
|
|
21,217 |
|
Acquisitions of financial assets at fair value through other
comprehensive income |
|
|
(1,379 |
) |
|
|
- |
|
|
|
- |
|
Proceeds from disposal of financial assets at fair value through
other comprehensive income |
|
|
99 |
|
|
|
96 |
|
|
|
- |
|
Acquisition of a subsidiary, net of cash increased |
|
|
433 |
|
|
|
- |
|
|
|
- |
|
Proceeds from capital reduction of investment |
|
|
360 |
|
|
|
- |
|
|
|
- |
|
Proceeds from disposal of subsidiary |
|
|
- |
|
|
|
14,769 |
|
|
|
- |
|
Acquisitions of equity method investments |
|
|
- |
|
|
|
(3,264 |
) |
|
|
- |
|
Decrease (increase) in refundable deposits |
|
|
- |
|
|
|
(13 |
) |
|
|
6,133 |
|
Cash received in advance from disposal of land |
|
|
- |
|
|
|
- |
|
|
|
2,821 |
|
Net cash provided by (used in) investing
activities |
|
|
(22,987 |
) |
|
|
9,172 |
|
|
|
6,243 |
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
Payments of cash dividends |
|
|
- |
|
|
|
- |
|
|
|
(83,720 |
) |
Payments of dividend equivalents |
|
|
- |
|
|
|
- |
|
|
|
(148 |
) |
Proceeds from issuance of new shares by subsidiaries |
|
|
916 |
|
|
|
487 |
|
|
|
- |
|
Purchases of subsidiary shares from noncontrolling interests |
|
|
(9 |
) |
|
|
- |
|
|
|
- |
|
Proceeds from short-term unsecured borrowings |
|
|
36,932 |
|
|
|
- |
|
|
|
- |
|
Repayments of short-term unsecured borrowings |
|
|
(37,226 |
) |
|
|
- |
|
|
|
- |
|
Repayments of long-term unsecured borrowings |
|
|
(1,500 |
) |
|
|
(1,500 |
) |
|
|
(1,500 |
) |
Proceeds from short-term secured borrowings |
|
|
427,100 |
|
|
|
358,200 |
|
|
|
530,800 |
|
Repayments of short-term secured borrowings |
|
|
(427,100 |
) |
|
|
(358,200 |
) |
|
|
(447,100 |
) |
Pledge of restricted deposit |
|
|
- |
|
|
|
- |
|
|
|
(83,700 |
) |
Payment of lease liabilities |
|
|
(1,244 |
) |
|
|
(1,258 |
) |
|
|
(1,205 |
) |
Guarantee deposits received (refunded) |
|
|
(5 |
) |
|
|
(12,000 |
) |
|
|
200 |
|
Net cash used in financing activities |
|
|
(2,136 |
) |
|
|
(14,271 |
) |
|
|
(86,373 |
) |
Effect of foreign
currency exchange rate changes on cash and cash
equivalents |
|
|
873 |
|
|
|
1,469 |
|
|
|
(81 |
) |
Net increase
(decrease) in cash and cash equivalents |
|
|
44,492 |
|
|
|
1,836 |
|
|
|
(64,168 |
) |
Cash and cash
equivalents at beginning of period |
|
|
147,257 |
|
|
|
219,745 |
|
|
|
211,425 |
|
Cash and cash
equivalents at end of period |
|
$ |
191,749 |
|
|
$ |
221,581 |
|
|
$ |
147,257 |
|
|
|
|
|
|
|
|
|
Himax Technologies, Inc. |
Unaudited Condensed Consolidated Statements of Cash
Flows |
(Amounts in Thousands of U.S. Dollars) |
|
Twelve MonthsEnded December
31, |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
Profit for the period |
$ |
49,421 |
|
|
$ |
235,467 |
|
Adjustments for: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
20,322 |
|
|
|
21,342 |
|
Gain on disposal of subsidiary |
|
- |
|
|
|
(10,694 |
) |
Share-based compensation expenses |
|
2,663 |
|
|
|
3,096 |
|
Gain on disposals of property, plant and equipment, net |
|
(368 |
) |
|
|
- |
|
Loss on re-measurement of the pre-existing relationships in a
business combination |
|
1,932 |
|
|
|
- |
|
Changes in fair value of financial assets at fair value through
profit or loss |
|
(1,655 |
) |
|
|
(1,246 |
) |
Interest income |
|
(8,746 |
) |
|
|
(4,813 |
) |
Finance costs |
|
6,080 |
|
|
|
2,783 |
|
Income tax expense (benefit) |
|
(5,028 |
) |
|
|
41,098 |
|
Share of losses of associates |
|
598 |
|
|
|
743 |
|
Inventories write downs |
|
21,540 |
|
|
|
22,211 |
|
Unrealized foreign currency exchange losses (gains) |
|
624 |
|
|
|
(2,883 |
) |
|
|
87,383 |
|
|
|
307,104 |
|
Changes in: |
|
|
|
|
|
|
|
Accounts receivable (including related parties) |
|
20,804 |
|
|
|
146,870 |
|
Inventories |
|
132,090 |
|
|
|
(194,544 |
) |
Other receivable from related parties |
|
5 |
|
|
|
(7 |
) |
Other current assets |
|
(3,863 |
) |
|
|
10,099 |
|
Accounts payable (including related parties) |
|
7,676 |
|
|
|
(124,870 |
) |
Other payable to related parties |
|
(268 |
) |
|
|
927 |
|
Contract liabilities |
|
(37,051 |
) |
|
|
1,283 |
|
Other current liabilities |
|
1,246 |
|
|
|
1,831 |
|
Other non-current liabilities |
|
(4,602 |
) |
|
|
3,972 |
|
Cash generated from operating activities |
|
203,420 |
|
|
|
152,665 |
|
Interest received |
|
8,567 |
|
|
|
4,525 |
|
Interest paid |
|
(6,080 |
) |
|
|
(2,783 |
) |
Income tax paid |
|
(53,066 |
) |
|
|
(71,499 |
) |
Net cash provided by operating activities |
|
152,841 |
|
|
|
82,908 |
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
Acquisitions of property, plant and equipment |
|
(23,378 |
) |
|
|
(11,797 |
) |
Proceeds from disposal of property, plant and equipment |
|
111 |
|
|
|
- |
|
Acquisitions of intangible assets |
|
(115 |
) |
|
|
(331 |
) |
Acquisitions of financial assets at amortized cost |
|
(6,911 |
) |
|
|
(8,763 |
) |
Proceeds from disposal of financial assets at amortized cost |
|
3,099 |
|
|
|
25,823 |
|
Acquisitions of financial assets at fair value through profit or
loss |
|
(82,628 |
) |
|
|
(108,374 |
) |
Proceeds from disposal of financial assets at fair value through
profit or loss |
|
75,539 |
|
|
|
110,283 |
|
Acquisitions of financial assets at fair value through other
comprehensive income |
|
(1,379 |
) |
|
|
- |
|
Proceeds from disposal of financial assets at fair value through
other comprehensive income |
|
99 |
|
|
|
96 |
|
Acquisition of a subsidiary, net of cash increased |
|
433 |
|
|
|
- |
|
Proceeds from capital reduction of investment |
|
360 |
|
|
|
- |
|
Proceeds from disposal of subsidiary |
|
- |
|
|
|
14,769 |
|
Acquisitions of equity method investments |
|
- |
|
|
|
(3,264 |
) |
Increase in refundable deposits |
|
(56,933 |
) |
|
|
(6,144 |
) |
Releases of restricted deposit |
|
- |
|
|
|
2,700 |
|
Cash received in advance from disposal of land |
|
2,821 |
|
|
|
- |
|
Net cash provided by (used in) investing
activities |
|
(88,882 |
) |
|
|
14,998 |
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
|
Payments of cash dividends |
|
(83,720 |
) |
|
|
(217,873 |
) |
Payments of dividend equivalents |
|
(148 |
) |
|
|
- |
|
Proceeds from issuance of new shares by subsidiaries |
|
916 |
|
|
|
487 |
|
Purchases of subsidiary shares from noncontrolling interests |
|
(9 |
) |
|
|
(301 |
) |
Proceeds from short-term unsecured borrowings |
|
47,226 |
|
|
|
- |
|
Repayments of short-term unsecured borrowings |
|
(47,226 |
) |
|
|
- |
|
Proceeds from long-term unsecured borrowings |
|
- |
|
|
|
40,000 |
|
Repayments of long-term unsecured borrowings |
|
(6,000 |
) |
|
|
(46,000 |
) |
Proceeds from short-term secured borrowings |
|
1,383,300 |
|
|
|
1,212,700 |
|
Repayments of short-term secured borrowings |
|
(1,299,600 |
) |
|
|
(994,800 |
) |
Pledge of restricted deposit |
|
(83,700 |
) |
|
|
(217,900 |
) |
Payment of lease liabilities |
|
(4,830 |
) |
|
|
(4,294 |
) |
Guarantee deposits received |
|
200 |
|
|
|
16,913 |
|
Net cash used in financing activities |
|
(93,591 |
) |
|
|
(211,068 |
) |
Effect of foreign
currency exchange rate changes on cash and cash
equivalents |
|
(200 |
) |
|
|
(1,281 |
) |
Net decrease in cash
and cash equivalents |
|
(29,832 |
) |
|
|
(114,443 |
) |
Cash and cash
equivalents at beginning of period |
|
221,581 |
|
|
|
336,024 |
|
Cash and cash
equivalents at end of period |
$ |
191,749 |
|
|
$ |
221,581 |
|
Himax Technologies (NASDAQ:HIMX)
Historical Stock Chart
Von Apr 2024 bis Mai 2024
Himax Technologies (NASDAQ:HIMX)
Historical Stock Chart
Von Mai 2023 bis Mai 2024