Le Lézard
Classified in: Business
Subject: EARNINGS

Parade Technologies Reports First Quarter 2024 Financial Results


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:

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 HDMItm, DisplayPorttm, 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 DisplayPorttm 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 SHEETS
As 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 FLOWS
For 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

 

 


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