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Parade Technologies Reports First Quarter 2022 Financial Results

Financial Highlights:

  • Q122 consolidated revenue US$210.72 million, compared with US$153.11 million in the year-ago quarter
  • Q122 consolidated net income US$59.19 million; Basic and Fully diluted after-tax EPS US$0.75 (NT$20.91) and US$0.73 (NT$20.55), 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 2022 ended March 31, 2022, and provided guidance for the second quarter of fiscal year 2022.

Consolidated revenue was US$210.72 million and consolidated net income was US$59.19 million. Basic and fully diluted after-tax earnings per share (“EPS”) were US$0.75 (NT$20.91) and US$0.73 (NT$20.55), respectively. These results compared to consolidated revenue US$153.11 million and consolidated net income of US$36.44 million, or US$0.46 (NT$13.13) and US$0.45 (NT$12.82) per basic and fully diluted share, in the year-ago quarter.

In US dollars, the first quarter of 2022 consolidated revenue increased 8.48% sequentially and was up 37.63% year-over-year.

The gross profit in the first quarter of 2022 was US$100.78 million, representing an increase of 7.23% from the previous quarter and an increase of 46.06% 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 2022:

  • Revenue: US$212 ~232 Million
  • Gross Margin: 44.5% ~48.5%
  • Operating Expense: US$35 ~38 Million

The financial figures detailed above for the first quarter of 2022 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,

2022

2021

2022

2021

2022

2021

2022

2021

 
Revenue

210,723

194,255

210,723

153,107

5,898,143

5,406,120

5,898,143

4,343,653

Cost of goods sold

109,948

100,279

109,948

84,111

3,077,451

2,790,774

3,077,451

2,386,235

Gross profit

100,775

93,976

100,775

68,996

2,820,692

2,615,346

2,820,692

1,957,418

Research & development expenses

21,226

20,420

21,226

17,503

594,124

568,288

594,124

496,562

Sales & marketing expenses

8,214

8,005

8,214

6,894

229,911

222,773

229,911

195,583

General & administrative expenses

6,449

6,429

6,449

4,986

180,508

178,932

180,508

141,463

Total operating expenses

35,889

34,854

35,889

29,383

1,004,543

969,993

1,004,543

833,608

Operating income

64,886

59,122

64,886

39,613

1,816,149

1,645,353

1,816,149

1,123,810

Non-operating income and (expenses)

(30)

(170)

(30)

(419)

(825)

(4,721)

(825)

(11,888)

Income before income taxes

64,856

58,952

64,856

39,194

1,815,324

1,640,632

1,815,324

1,111,922

Income tax expense

5,669

6,352

5,669

2,759

158,689

176,784

158,689

78,263

Net income

59,187

52,600

59,187

36,435

1,656,635

1,463,848

1,656,635

1,033,659

EPS - Basic (In Dollar)

$0.75

$0.66

$0.75

$0.46

$20.91

$18.42

$20.91

$13.13

Shares used in computing EPS-Basic (In thousands)

79,212

79,491

79,212

78,701

79,212

79,491

79,212

78,701

EPS - Diluted (In Dollar)

$0.73

$0.65

$0.73

$0.45

$20.55

$18.08

$20.55

$12.82

Shares used in computing EPS-Diluted (In thousands)

80,602

80,973

80,602

80,621

80,602

80,973

80,602

80,621

UNAUDITED CONSOLIDATED BALANCE SHEETS

USD in Thousands

NTD in Thousands

As of March 31, 2022 and 2021

Mar 31,

Mar 31,

Mar 31,

Mar 31,

2022

2021

2022

2021

Current assets
Cash & cash equivalents

340,632

 

284,717

 

9,752,306

 

8,125,824

 

Accounts receivable, net

56,022

 

57,088

 

1,603,903

 

1,629,283

 

Inventories, net

93,867

 

60,143

 

2,687,412

 

1,716,478

 

Other current assets

16,992

 

12,495

 

486,468

 

356,629

 

Total current assets

507,513

 

414,443

 

14,530,089

 

11,828,214

 

Non-current assets
Property, plant and equipment, net

17,800

 

16,025

 

509,608

 

457,361

 

Right-of-use assets

8,138

 

9,903

 

232,999

 

282,617

 

Intangible assets

108,218

 

112,509

 

3,098,289

 

3,210,995

 

Deferred income tax assets

9,653

 

7,563

 

276,374

 

215,861

 

Other non-current assets

76,667

 

10,187

 

2,194,962

 

290,741

 

Total non-current assets

220,476

 

156,187

 

6,312,232

 

4,457,575

 

Total Assets

727,989

 

570,630

 

20,842,321

 

16,285,789

 

 
Current Liabilities
Accounts payable

43,215

 

34,686

 

1,237,258

 

989,944

 

Other payables

40,844

 

29,265

 

1,169,376

 

835,217

 

Current income tax liabilities

24,445

 

16,292

 

699,860

 

464,968

 

Lease liabilities - current

3,487

 

3,406

 

99,818

 

97,203

 

Other current liabilities

10,716

 

4,150

 

306,815

 

118,469

 

Total current liabilities

122,707

 

87,799

 

3,513,127

 

2,505,801

 

Non-current Liabilities
Lease liabilities - non-current

4,652

 

6,497

 

133,181

 

185,414

 

Total non-current liabilities

4,652

 

6,497

 

133,181

 

185,414

 

Equity
Ordinary shares

26,742

 

26,615

 

811,956

 

808,125

 

Capital reserves

146,220

 

138,106

 

4,387,899

 

4,165,865

 

Retained earnings

492,747

 

359,620

 

14,627,390

 

10,924,793

 

Other equity

(20,527

)

(31,999

)

(1,393,138

)

(1,854,620

)

Treasury shares

(44,552

)

(16,008

)

(1,238,094

)

(449,589

)

Total equity

600,630

 

476,334

 

17,196,013

 

13,594,574

 

Total liabilities and equity

727,989

 

570,630

 

20,842,321

 

16,285,789

 

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

USD in Thousands

NTD in Thousands

For three months ended March 31, 2022 and 2021

Mar 31,

Mar 31,

Mar 31,

Mar 31,

2022

2021

2022

2021

Cash flows from operating activities
Income before income tax for the period

64,856

 

39,194

 

1,815,324

 

1,111,922

 

Depreciation and amortization (including the right-of-use assets)

5,356

 

4,737

 

149,898

 

134,398

 

Loss on disposal of equipment

1

 

61

 

33

 

1,736

 

Share-based compensation cost

3,118

 

3,678

 

93,079

 

110,654

 

Interest income

(25

)

(35

)

(692

)

(999

)

Income and expenses having no effect on cash flows

8,450

 

8,441

 

242,318

 

245,789

 

Accounts receivable

(5,639

)

(1,655

)

(161,444

)

(47,232

)

Inventories

(18,088

)

(3,436

)

(517,868

)

(98,063

)

Other current assets

(4,598

)

704

 

(131,635

)

20,081

 

Net changes in assets relating to operating activities

(28,325

)

(4,387

)

(810,947

)

(125,214

)

Accounts payable

2,369

 

(8,884

)

67,838

 

(253,552

)

Other payables

(8,695

)

(4,879

)

(248,956

)

(139,261

)

Other current liabilities

673

 

(1,473

)

19,264

 

(42,028

)

Net changes in liabilities relating to operating activities

(5,653

)

(15,236

)

(161,854

)

(434,841

)

Cash provided by operations

39,328

 

28,012

 

1,084,841

 

797,656

 

Interest received

25

 

35

 

692

 

999

 

Income taxes paid

(333

)

(1,578

)

(9,311

)

(44,756

)

Net cash provided by operating activities

39,020

 

26,469

 

1,076,222

 

753,899

 

Cash flows from investing activities
Acquisition of equipment

(1,840

)

(4,544

)

(51,490

)

(128,909

)

Acquisition of intangible assets

(7

)

(35

)

(194

)

(989

)

Decrease in refundable deposits

24

 

125

 

693

 

3,562

 

Increase in other prepayments

(2,238

)

(302

)

(62,653

)

(8,557

)

Net cash used in investing activities

(4,061

)

(4,756

)

(113,644

)

(134,893

)

Cash flows from financing activities
Proceeds from exercise of employee stock options

2,372

 

131

 

66,397

 

3,724

 

Repayment of the principal portion of lease liabilities

(791

)

(776

)

(22,149

)

(22,004

)

Purchase of treasury shares

-

 

(10,038

)

-

 

(281,882

)

Treasury shares reissued to employees

11,789

 

-

 

327,175

 

-

 

Distribution of cash dividends

(40,752

)

(24,455

)

(1,147,980

)

(733,641

)

Cash dividend regain from canceled share-based compensation

16

 

7

 

479

 

199

 

Net cash used in financing activities

(27,366

)

(35,131

)

(776,078

)

(1,033,604

)

Effect of exchange rate changes

606

 

(1,011

)

364,063

 

20,743

 

Net increase (decrease) in cash and cash equivalents

8,199

 

(14,429

)

550,563

 

(393,855

)

Cash and cash equivalents at beginning of period

332,433

 

299,146

 

9,201,743

 

8,519,679

 

Cash and cash equivalents at end of period

340,632

 

284,717

 

9,752,306

 

8,125,824

 

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