Financial Highlights:
- Q124 consolidated revenue US$121.28 million, compared with
US$99.99 million in the year-ago quarter
- Q124 consolidated net income US$18.21 million; Basic and Fully
diluted after-tax EPS US$0.23 (NT$7.21) and US$0.23 (NT$7.17),
respectively
Parade Technologies, Ltd. (Taipei Exchange: 4966.TWO), a leading
high-speed interface IC supplier, today announced financial results
for the first quarter fiscal year 2024 ended March 31, 2024, and
provided guidance for the second quarter of fiscal year 2024.
Consolidated revenue was US$121.28 million and consolidated net
income was US$18.21 million. Basic and fully diluted after-tax
earnings per share (“EPS”) were US$0.23 (NT$7.21) and US$0.23
(NT$7.17), respectively. These results compared to consolidated
revenue US$99.99 million and consolidated net income of US$11.62
million, or US$0.15 (NT$4.51) and US$0.15 (NT$4.46) per basic and
fully diluted share, in the year-ago quarter.
In US dollars, the first quarter of 2024 consolidated revenue
increased 0.96% sequentially and was up 21.29% year-over-year.
The gross profit in the first quarter of 2024 was US$51.96
million, representing an increase of 0.09% from the previous
quarter and an increase of 17.97% compared to the same quarter of
last year.
Based on current business outlook, Parade is providing the
following guidance for the second quarter of fiscal 2024:
- Revenue: US$110.0 ~122.0 Million
- Gross Margin: 42% ~46%
- Operating Expense: US$32.5 ~35.5 Million
The financial figures detailed above for the first quarter of
2024 have been reviewed by independent accountants.
About Parade Technologies, Ltd.
Parade Technologies, Ltd. is a leading supplier of mixed-signal
ICs for a variety of popular display and high-speed interface
standards used in computers, consumer electronics and display
panels. The fabless semiconductor company was founded in 2005 and
publicly listed on Taipei Exchange (“TPEx”) in 2011 (stock code:
4966). Parade’s portfolio of IC products serves the growing demand
for HDMI™, DisplayPort™, SATA, and USB ICs for display, storage and
interface applications.
In addition to being a technology innovator, Parade is an active
participant and leader in industry standards-setting organizations.
Parade Technologies, Inc., a wholly owned US-based subsidiary of
Parade Technologies, Ltd., is a member of VESA (Video Electronics
Standard Association). Parade Technologies, Inc. has made key
contributions to the development of VESA’s DisplayPort™ digital
video interface standard.
Parade leverages its close relationships with market leading
Tier-1 OEMs to develop ICs that provide unique system capabilities.
Many of the company’s devices integrate proprietary technologies
that offer superior system signal integrity, advanced system
integration and enhanced power efficiency. As a result of the
company’s “standards-plus” design philosophy, Parade ICs have been
designed into products offered by nearly every leading computer and
display vendor worldwide.
Parade Technologies, Ltd. and Subsidiaries.
The reader is advised that these consolidated financial
statements have been prepared originally in NT$ and conformed with
the adoption of IFRSs. In the event of any differences between NT$
and US$ version, the NT$ version shall prevail.
UNAUDITED CONSOLIDATED INCOME STATEMENTS USD in Thousands
NTD in Thousands Sequential Quarter Three Months ended Sequential
Quarter Three Months ended Mar 31, Dec 31, Mar 31, Mar 31, Mar 31,
Dec 31, Mar 31, Mar 31,
2024
2023
2024
2023
2024
2023
2024
2023
Revenue
121,278
120,126
121,278
99,990
3,814,192
3,824,814
3,814,192
3,039,712
Cost of goods sold
69,321
68,215
69,321
55,947
2,180,148
2,171,953
2,180,148
1,700,797
Gross profit
51,957
51,911
51,957
44,043
1,634,044
1,652,861
1,634,044
1,338,915
Research & development expenses
22,845
20,880
22,845
19,892
718,474
664,826
718,474
604,717
Sales & marketing expenses
7,413
7,399
7,413
7,198
233,130
235,593
233,130
218,822
General & administrative expenses
5,078
4,500
5,078
4,993
159,691
143,259
159,691
151,797
Expected credit loss
-
-
-
84
-
-
-
2,549
Total operating expenses
35,336
32,779
35,336
32,167
1,111,295
1,043,678
1,111,295
977,885
Operating income
16,621
19,132
16,621
11,876
522,749
609,183
522,749
361,030
Non-operating income and (expenses)
2,527
2,519
2,527
1,268
79,477
80,201
79,477
38,560
Income before income taxes
19,148
21,651
19,148
13,144
602,226
689,384
602,226
399,590
Income tax expense
937
1,594
937
1,523
29,477
50,738
29,477
46,299
Net income
18,211
20,057
18,211
11,621
572,749
638,646
572,749
353,291
EPS - Basic (In Dollar)
$0.23
$0.25
$0.23
$0.15
$7.21
$8.05
$7.21
$4.51
Shares used in computing EPS-Basic (In thousands)
79,483
79,353
79,483
78,373
79,483
79,353
79,483
78,373
EPS - Diluted (In Dollar)
$0.23
$0.25
$0.23
$0.15
$7.17
$8.02
$7.17
$4.46
Shares used in computing EPS-Diluted (In thousands)
79,850
79,650
79,850
79,207
79,850
79,650
79,850
79,207
UNAUDITED CONSOLIDATED BALANCE SHEETSAs of March
31, 2024 and 2023 USD in Thousands NTD in Thousands Mar 31, Mar
31, Mar 31, Mar 31,
2024
2023
2024
2023
Current assets Cash & cash equivalents
290,654
185,110
9,300,922
5,636,592
Accounts receivable, net
47,187
47,877
1,509,969
1,457,865
Inventories, net
118,948
131,991
3,806,334
4,019,123
Other current assets
19,981
23,515
639,409
716,041
Total current assets
476,770
388,493
15,256,634
11,829,621
Non-current assets Property, plant and equipment, net
12,435
16,074
397,929
489,440
Right-of-use assets
8,354
6,018
267,320
183,259
Intangible assets
101,152
103,274
3,236,859
3,144,691
Deferred income tax assets
12,479
11,664
399,322
355,164
Other non-current assets
154,214
147,484
4,934,861
4,490,886
Total non-current assets
288,634
284,514
9,236,291
8,663,440
Total Assets
765,404
673,007
24,492,925
20,493,061
Current Liabilities Accounts payable
45,116
19,793
1,443,712
602,705
Other payables
22,201
30,540
710,430
929,938
Current income tax liabilities
10,705
9,281
342,556
282,606
Lease liabilities - current
3,278
3,292
104,906
100,249
Other current liabilities
6,956
6,792
222,605
206,792
Total current liabilities
88,256
69,698
2,824,209
2,122,290
Non-current Liabilities Lease liabilities - non-current
5,076
2,726
162,414
83,010
Total non-current liabilities
5,076
2,726
162,414
83,010
Equity Ordinary shares
26,731
26,738
811,627
811,832
Capital reserves
138,078
136,752
4,222,226
4,220,434
Retained earnings
544,970
508,057
16,174,349
15,025,235
Other equity
(5,514
)
(11,301
)
1,313,487
73,644
Treasury shares
(32,193
)
(59,663
)
(1,015,387
)
(1,843,384
)
Total equity
672,072
600,583
21,506,302
18,287,761
Total liabilities and equity
765,404
673,007
24,492,925
20,493,061
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWSFor
three months ended March 31, 2024 and 2023 USD in Thousands NTD
in Thousands Mar 31, Mar 31, Mar 31, Mar 31,
2024
2023
2024
2023
Cash flows from operating activities
Income before income tax for the period
19,149
13,144
602,226
399,590
Depreciation and amortization (including the right-of-use assets)
5,167
5,319
162,504
161,703
Expected credit loss
-
84
-
2,549
Loss on disposal of equipment
20
-
628
-
Loss on disposal of intangible assets
54
47
1,703
1,422
Share-based compensation cost
9,190
9,653
285,186
291,744
Interest income
(2,480
)
(1,525
)
(77,998
)
(46,376
)
Income and expenses having no effect on cash flows
11,951
13,578
372,023
411,042
Accounts receivable
6,917
(13,254
)
221,335
(403,575
)
Inventories
3,937
13,502
125,979
411,136
Other current assets
(6,538
)
(11,653
)
(192,840
)
(285,910
)
Net changes in assets relating to operating activities
4,316
(11,405
)
154,474
(278,349
)
Accounts payable
(5,911
)
6,791
(189,160
)
206,778
Other payables
(9,836
)
(10,023
)
(314,754
)
(305,192
)
Other current liabilities
(125
)
(6,683
)
(3,998
)
(203,487
)
Net changes in liabilities relating to operating activities
(15,872
)
(9,915
)
(507,912
)
(301,901
)
Cash inflow generated from operations
19,544
5,402
620,811
230,382
Interest received
2,480
1,526
77,998
46,376
Income taxes paid
(1,279
)
(5,021
)
(40,223
)
(152,638
)
Net cash provided by operating activities
20,745
1,907
658,586
124,120
Cash flows from investing activities
Acquisition of equipment
(1,412
)
(1,766
)
(44,404
)
(53,688
)
Acquisition of intangible assets
(18
)
(134
)
(585
)
(4,068
)
Decrease in refundable deposits
1,846
6,784
59,085
206,557
Increase in other prepayments
(5,776
)
(2,070
)
(181,650
)
(62,929
)
Net cash flows (used in) provided by investing activities
(5,360
)
2,814
(167,554
)
85,872
Cash flows from financing activities
Repayment of the principal portion of lease liabilities
(807
)
(771
)
(25,393
)
(23,431
)
Treasury shares reissued to employees
12,468
10,422
378,062
310,226
Distribution of cash dividends
(12,800
)
(60,062
)
(390,871
)
(1,724,498
)
Cash dividend regain from canceled share-based compensation
3
19
84
555
Net cash flows used in financing activities
(1,136
)
(50,392
)
(38,118
)
(1,437,148
)
Effect of exchange rate changes
26
3,644
360,407
(111,636
)
Net increase (decrease) in cash and cash equivalents
14,275
(42,027
)
813,321
(1,338,792
)
Cash and cash equivalents at beginning of period
276,379
227,137
8,487,601
6,975,384
Cash and cash equivalents at end of period
290,654
185,110
9,300,922
5,636,592
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240423890393/en/
Parade Technologies Yo-Ming Chang, +886-2-2627-9109
ir@paradetech.com