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Parade Technologies Reports Second Quarter 2021 Financial Results


SAN JOSE, Calif.–()–Parade Technologies, Ltd. (Taipei Exchange: 4966.TWO), a leading high-speed interface IC supplier, today announced financial results for the second quarter fiscal year 2021 ended June 30, 2021, and provided guidance for the third quarter of fiscal year 2021.

Consolidated revenue was US$175.25 million and consolidated net income was US$45.07 million. Basic and fully diluted after-tax earnings per share (“EPS”) were US$0.57 (NT$15.98) and US$0.56 (NT$15.62), respectively. These results compared to consolidated revenue US$121.54 million and consolidated net income of US$28.22 million, or US$0.36 (NT$10.81) and US$0.35 (NT$10.54) per basic and fully diluted share, in the year-ago quarter.

In US dollars, the second quarter of 2021 consolidated revenue increased 14.47% sequentially and was up 44.19% year-over-year.

The gross profit in the second quarter of 2021 was US$83.49 million, representing an increase of 21.00% from the previous quarter and an increase of 55.17% compared to the same quarter of last year.

On June 15, 2021, Parade announced the TC3400 and TC3402, the world’s first highly integrated eDP timing controller (Tcon) devices with embedded source drivers and touchscreen controller (tTED) for the notebook LTPS (Low-Temperature Polysilicon) and Oxide in-cell LCD panel markets. Both devices target the latest notebook platforms by Intel and others by supporting Embedded Display Port (eDP) 1.4b with features such as Multi-SST Operation (MSO) operation and Panel Self-Refresh (PSR). The TC3400 device supports TrueTouch in-cell capacitive touch and active stylus functionality for commercial notebook applications, while the TC3402 provides a robust TrueTouch touch only solution for mainstream notebooks. The TC3400 combines Parade’s broad portfolio of patented display and touchscreen technology as well as proven display processing and high-speed signal technology to provide a low-power, highly integrated display and touchscreen solution for notebook in-cell displays.

On June 21, 2021, Parade announced the availability of its PS8461 retimer device in an automotive grade, the PS8461V. Using a retimer function, the PS8461V provides jitter cleaning of a DisplayPort™ video transport to increase signal reach, improve data reliability, and increased resilience to crosstalk and other electrical interference. The PS8461V is AEC-Q100 grade 2 certified with a -40° to 105°C operating temperature range. The PS8461V is one example of a high-performance, consumer-oriented display product that Parade is making available for the automotive industry, and we plan to continue the roll-out of such automotive grade product options.

On August 3, 2021, Parade announced the availability of the PS195 and PS196 DisplayPort™ 2.0 to HDMI™ 2.1 protocol converters for computer system motherboards, docking stations, and protocol converter dongle applications. The PS195 and PS196 products are fully compliant with the VESA® DisplayPort v2.0 and HDMI™ v2.1 specifications. The DP receiver supports up to 4 lanes at the HBR3 (8.1Gbps) link rate and supports optional DSC compression, both in decoding of the DP input or pass-through to the HDMI output. The HDMI output supports up to 4 lanes of FRL at 12Gbps data rate per lane, enabling display resolutions up to 10K when using DSC pass-through. The HDMI output also provides backward compatible with HDMI 2.0 and earlier versions, providing TMDS™ signaling up to 6.0 Gbps. Parade’s PS195 and PS196 DP 2.0 to HDMI 2.1 protocol converters offer the best power performance available on the market. The very low power consumption during standby and low power states greatly benefits portable system battery life.

Based on current business outlook, Parade is providing the following guidance for the third quarter of fiscal 2021:

  • Revenue: US$176.5 ~194.5 Million
  • Gross Margin: 44% ~ 48%
  • Operating Expense: US$32.5 ~ 35.5 Million

The financial figures detailed above for the second quarter of 2021 have been audited 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.

CONSOLIDATED INCOME STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND 2020
(SIX MONTHS ENDED JUNE 30, 2020 IS UNAUDITED)
USD in Thousands NTD in Thousands
Sequential Quarter Three Months ended Six Months ended Sequential Quarter Three Months ended Six Months ended
Jun 30,
2021
Mar 31,
2021
Jun 30,
2021
Jun 30,
2020
Jun 30,
2021
Jun 30,
2020
Jun 30,
2021
Mar 31,
2021
Jun 30,
2021
Jun 30,
2020
Jun 30,
2021
Jun 30,
2020
 
 
Revenue

 

175,254

 

 

153,107

 

 

175,254

 

 

121,543

 

328,361

 

 

219,903

 

4,903,589

 

 

4,343,653

 

 

4,903,589

 

 

3,632,919

 

9,247,242

 

 

6,594,548

Cost of goods sold

 

91,767

 

 

84,111

 

 

91,767

 

 

67,738

 

175,878

 

 

122,200

 

2,567,624

 

 

2,386,235

 

 

2,567,624

 

 

2,024,686

 

4,953,859

 

 

3,664,539

Gross profit

 

83,487

 

 

68,996

 

 

83,487

 

 

53,805

 

152,483

 

 

97,703

 

2,335,965

 

 

1,957,418

 

 

2,335,965

 

 

1,608,233

 

4,293,383

 

 

2,930,009

Research & development expenses

 

19,088

 

 

17,503

 

 

19,088

 

 

15,198

 

36,591

 

 

29,096

 

534,076

 

 

496,562

 

 

534,076

 

 

454,265

 

1,030,638

 

 

872,743

Sales & marketing expenses

 

8,308

 

 

6,894

 

 

8,308

 

 

5,239

 

15,202

 

 

10,103

 

232,457

 

 

195,583

 

 

232,457

 

 

156,612

 

428,040

 

 

303,054

General & administrative expenses

 

5,898

 

 

4,986

 

 

5,898

 

 

4,516

 

10,884

 

 

8,157

 

165,030

 

 

141,463

 

 

165,030

 

 

134,965

 

306,493

 

 

244,610

Total operating expenses

 

33,294

 

 

29,383

 

 

33,294

 

 

24,953

 

62,677

 

 

47,356

 

931,563

 

 

833,608

 

 

931,563

 

 

745,842

 

1,765,171

 

 

1,420,407

Operating income

 

50,193

 

 

39,613

 

 

50,193

 

 

28,852

 

89,806

 

 

50,347

 

1,404,402

 

 

1,123,810

 

 

1,404,402

 

 

862,391

 

2,528,212

 

 

1,509,602

Non-operating income and (expenses)

 

(115

)

 

(419

)

 

(115

)

 

143

 

(534

)

 

960

 

(3,206

)

 

(11,888

)

 

(3,206

)

 

4,256

 

(15,094

)

 

28,864

Income before income taxes

 

50,078

 

 

39,194

 

 

50,078

 

 

28,995

 

89,272

 

 

51,307

 

1,401,196

 

 

1,111,922

 

 

1,401,196

 

 

866,647

 

2,513,118

 

 

1,538,466

Income tax expense

 

5,009

 

 

2,759

 

 

5,009

 

 

772

 

7,768

 

 

2,397

 

140,170

 

 

78,263

 

 

140,170

 

 

23,084

 

218,433

 

 

72,012

Net income

 

45,069

 

 

36,435

 

 

45,069

 

 

28,223

 

81,504

 

 

48,910

 

1,261,026

 

 

1,033,659

 

 

1,261,026

 

 

843,563

 

2,294,685

 

 

1,466,454

EPS – Basic (In Dollar)

$

0.57

 

$

0.46

 

$

0.57

 

$

0.36

$

1.03

 

$

0.63

$

15.98

 

$

13.13

 

$

15.98

 

$

10.81

$

29.12

 

$

18.81

Shares used in computing EPS-Basic (In thousands)

 

78,914

 

 

78,701

 

 

78,914

 

 

78,034

 

78,808

 

 

77,955

 

78,914

 

 

78,701

 

 

78,914

 

 

78,034

 

78,808

 

 

77,955

EPS – Diluted (In Dollar)

$

0.56

 

$

0.45

 

$

0.56

 

$

0.35

$

1.01

 

$

0.61

$

15.62

 

$

12.82

 

$

15.62

 

$

10.54

$

28.42

 

$

18.33

Shares used in computing EPS-Diluted (In thousands)

 

80,735

 

 

80,621

 

 

80,735

 

 

80,012

 

80,732

 

 

80,021

 

80,735

 

 

80,621

 

 

80,735

 

 

80,012

 

80,732

 

 

80,021

CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2021 AND 2020
(JUNE 30, 2020 IS UNAUDITED)
USD in Thousands NTD in Thousands
Jun 30,
2021
Jun 30,
2020
Jun 30,
2021
Jun 30,
2020
 
Current assets
Cash & cash equivalents

285,336

 

272,560

 

7,949,466

 

8,075,953

 

Accounts receivable, net

58,787

 

57,635

 

1,637,799

 

1,707,712

 

Inventories, net

60,448

 

33,248

 

1,684,077

 

985,135

 

Other current assets

23,322

 

12,444

 

649,767

 

368,725

 

Total current assets

427,893

 

375,887

 

11,921,109

 

11,137,525

 

Non-current assets
Property, plant and equipment, net

16,277

 

10,211

 

453,465

 

302,529

 

Right-of-use assets

9,489

 

5,023

 

264,360

 

148,839

 

Intangible assets

114,072

 

113,516

 

3,178,062

 

3,363,513

 

Deferred income tax assets

8,117

 

5,253

 

226,142

 

155,633

 

Other non-current assets

73,918

 

12,453

 

2,059,345

 

368,985

 

Total non-current assets

221,873

 

146,456

 

6,181,374

 

4,339,499

 

Total Assets

649,766

 

522,343

 

18,102,483

 

15,477,024

 

 
Current Liabilities
Accounts payable

36,860

 

29,177

 

1,026,922

 

864,510

 

Other payables

70,978

 

70,442

 

2,020,870

 

2,137,572

 

Current income tax liabilities

26,143

 

18,975

 

728,350

 

562,223

 

Lease liabilities – current

3,397

 

1,936

 

94,628

 

57,378

 

Other current liabilities

4,007

 

8,201

 

111,645

 

242,992

 

Total current liabilities

141,385

 

128,731

 

3,982,415

 

3,864,675

 

Non current Liabilities
Lease liabilities – non-current

6,092

 

3,087

 

169,732

 

91,461

 

Total non-current liabilities

6,092

 

3,087

 

169,732

 

91,461

 

Equity
Ordinary shares

26,636

 

26,343

 

808,705

 

800,100

 

Capital reserves

142,358

 

105,244

 

4,281,780

 

3,201,278

 

Retained earnings

369,703

 

281,263

 

11,167,756

 

8,584,981

 

Other equity

(31,453

)

(19,029

)

(2,168,732

)

(963,746

)

Treasury shares

(4,955

)

(3,296

)

(139,173

)

(101,725

)

Total equity

502,289

 

390,525

 

13,950,336

 

11,520,888

 

Total liabilities and equity

649,766

 

522,343

 

18,102,483

 

15,477,024

 

CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND 2020
(SIX MONTHS ENDED JUNE 30, 2020 IS UNAUDITED)
USD in Thousands NTD in Thousands
Jun 30,
2021
Jun 30,
2020
Jun 30,
2021
Jun 30,
2020
 
Cash flows from operating activities
Income before income tax for the period

89,272

 

51,307

 

2,513,118

 

1,538,466

 

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

12,225

 

7,384

 

344,389

 

221,526

 

Loss on disposal of equipment

63

 

 

1,776

 

 

Share-based compensation cost

7,883

 

5,080

 

232,928

 

156,620

 

Interest income

(49

)

(857

)

(1,392

)

(25,800

)

Income and expenses having no effect on cash flows

20,122

 

11,607

 

577,701

 

352,346

 

Accounts receivable

(3,354

)

(17,690

)

(93,442

)

(524,159

)

Inventories

(3,741

)

(1,767

)

(104,223

)

(52,370

)

Other current assets

(5,081

)

(759

)

(141,559

)

(22,487

)

Net changes in assets relating to operating activities

(12,176

)

(20,216

)

(339,224

)

(599,016

)

Accounts payable

(6,710

)

2,953

 

(186,946

)

87,498

 

Other payables

1,814

 

6,433

 

50,543

 

190,622

 

Other current liabilities

(1,616

)

1,860

 

(45,027

)

55,102

 

Net changes in liabilities relating to operating activities

(6,512

)

11,246

 

(181,430

)

333,222

 

Cash provided by operations

90,706

 

53,944

 

2,570,165

 

1,625,018

 

Interest received

49

 

857

 

1,392

 

25,715

 

Income taxes paid

(1,999

)

(7,036

)

(56,326

)

(211,067

)

Income taxes received

2

 

1

 

53

 

12

 

Net cash provided by operating activities

88,758

 

47,766

 

2,515,284

 

1,439,678

 

Cash flows from investing activities
Acquisition of equipment

(6,157

)

(2,806

)

(173,444

)

(84,169

)

Acquisition of intangible assets

(81

)

(31

)

(2,292

)

(934

)

Increase in refundable deposits

(66,311

)

(32

)

(1,847,422

)

(955

)

Increase in other prepayments

(3,938

)

(4,992

)

(110,926

)

(149,754

)

Acquisition of business combinations

 

(37,169

)

 

(1,112,458

)

Net cash used in investing activities

(76,487

)

(45,030

)

(2,134,084

)

(1,348,270

)

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

143

 

349

 

4,036

 

10,475

 

Repayment of the principal portion of lease liabilities

(2,018

)

(1,126

)

(56,844

)

(33,769

)

Purchase of treasury shares

(10,038

)

 

(281,882

)

 

Treasury shares reissued to employees

11,052

 

 

310,416

 

 

Distribution of cash dividends

(24,455

)

 

(733,641

)

 

Cash dividend regain from canceled share-based compensation

40

 

48

 

1,203

 

1,432

 

Net cash used in financing activities

(25,276

)

(729

)

(756,712

)

(21,862

)

Effect of exchange rate changes on cash and cash equivalents

(805

)

173

 

(194,701

)

(99,593

)

Net (decrease) increase in cash and cash equivalents

(13,810

)

2,180

 

(570,213

)

(30,047

)

Cash and cash equivalents at beginning of period

299,146

 

270,380

 

8,519,679

 

8,106,000

 

Cash and cash equivalents at end of period

285,336

 

272,560

 

7,949,466

 

8,075,953

 

 



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