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Parade Technologies Reports Third 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 third quarter fiscal year 2021 ended September 30, 2021, and provided guidance for the fourth quarter of fiscal year 2021.

Consolidated revenue was US$191.72 million and consolidated net income was US$53.34 million. Basic and fully diluted after-tax earnings per share (“EPS”) were US$0.67 (NT$18.71) and US$0.66 (NT$18.34), respectively. These results compared to consolidated revenue US$150.15 million and consolidated net income of US$36.75 million, or US$0.47 (NT$13.80) and US$0.46 (NT$13.52) per basic and fully diluted share, in the year-ago quarter.

In US dollars, the third quarter of 2021 consolidated revenue increased 9.39% sequentially and was up 27.69% year-over-year.

The gross profit in the third quarter of 2021 was US$94.14 million, representing an increase of 12.76% from the previous quarter and an increase of 42.47% compared to the same quarter of last year.

On August 19, 2021, Parade announced the PS188, a USB 3.2 Hub chip with integrated DisplayPort™ 1.4a to HDMI™ 2.0 converter and dual USB Power Delivery 3.0 controllers. The PS188 upstream facing port supports USB 3.2 (Gen 2×1) and DP Alternate Mode while downstream ports offer HDMI 2.0, two USB 3.2 (Gen 2×1) ports as well as an additional USB 2.0-only port. The two integrated Power Delivery controllers provide full PD 3.0 functionality to the upstream port and one downstream USB Type-C® port. The PS188 represents the first fruits from Parade’s 2020 acquisition of Fresco Logic and combines Parade’s video expertise with Fresco’s USB Hub and Power Delivery technologies. PS188 joins Parade’s lineup alongside the PS186 DP to HDMI protocol converter, the FL5500 USB 3.2 hub and the FL7112 USB Type-C PD 3.0 Controller.

On September 29, 2021, Parade announced the DP818/DP816 timing controllers (TTcon) with an integrated touch controller, TC2200 source drivers (TSD) with integrated touch analog front ends (AFEs) and the TC2201, a Gate-on-Array (GOA) level shifter (TLS) for required display & touch voltage generation. This family of complementary devices target high resolution notebook platforms supporting Embedded DisplayPort (eDP) 1.4b with features such as high dynamic range (HDR) and Panel Self-Refresh (PSR). The DP818 Tcon supports TrueTouch in-cell capacitive touch and active stylus functionality for commercial notebook applications, while the DP816 provides a robust TrueTouch touch only solution for mainstream notebooks. The touch integrated Tcon, SD and level shifter 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 premium notebook in-cell a-Si or Oxide TFT LCD displays.

On October 12, 2021, Parade announced the availability of the PS5169 and PS5170 USB-C linear redrivers optimized for smartphones and ultra-mobile devices. The PS51xx family improves signal integrity for USB 3.2 and DisplayPort 1.4a signaling over the USB-C interconnect and consumes very low power. The PS5169 and PS5170 linear redrivers are fully compliant with the USB-IF USB 3.2 specification supporting up to Gen 2×2, or two lanes operating at 10 Gbps signaling rate. For DP Alt Mode support they comply with VESA DP 1.4a with up to 4 lanes at HBR3, or 8.1 Gbps link rate, and comply with VESA DisplayPort Alt Mode 2.0. The PS5170 integrates an AUX switch for SBU signals.

On October 19, 2021, Parade announced the availability of the PS8830 USB4 retimer for commercial and consumer PCs, host systems and peripherals. The PS8830 features full capabilities of USB4, DisplayPort 2.0 and Thunderbolt 3.0. This allows OEMs to offer a wide range of product offerings with future-proof platform longevity. The PS8830 is fully compliant with USB-IF’s USB4 specification supporting up to Gen 3×2 (2x 20Gbps) or 40Gbps. It supports USB4 tunneling of DP 1.4a and USB 3.2 as well as alternate modes including DP 2.0 up to UHBR20 and TBT 3.0 up to 41.25Gbps (2x 20.625Gbps). PS8830 will fall back to USB 3.2 mode when USB4 mode is not supported.

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

  • Revenue: US$176.5 ~194.5 Million
  • Gross Margin: 44.5% ~48.5%
  • Operating Expense: US$32.5 ~35.5 Million

The financial figures detailed above for the third quarter of 2021 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
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020
USD in Thousands NTD in Thousands
Sequential Quarter Three Months ended Nine Months ended Sequential Quarter Three Months ended Nine Months ended

Sep 30,

 

Jun 30,

 

Sep 30,

 

Sep 30,

 

Sep 30,

 

Sep 30,

Sep 30, Jun 30, Sep 30, Sep 30, Sep 30, Sep 30,

2021

 

2021

 

2021

 

2020

 

2021

 

2020

2021

 

2021

 

2021

 

2020

 

2021

 

2020

 
Revenue

191,718

 

175,254

 

191,718

 

150,146

 

520,079

 

370,049

5,341,284

 

4,903,589

 

5,341,284

 

4,421,777

 

14,588,526

 

11,016,325

Cost of goods sold

97,582

 

91,767

 

97,582

 

84,072

 

273,460

 

206,272

2,718,646

 

2,567,624

 

2,718,646

 

2,475,915

 

7,672,505

 

6,140,454

Gross profit

94,136

 

83,487

 

94,136

 

66,074

 

246,619

 

163,777

2,622,638

 

2,335,965

 

2,622,638

 

1,945,862

 

6,916,021

 

4,875,871

Research & development expenses

19,875

 

19,088

 

19,875

 

16,443

 

56,466

 

45,539

553,710

 

534,076

 

553,710

 

484,243

 

1,584,348

 

1,356,986

Sales & marketing expenses

8,496

 

8,308

 

8,496

 

6,413

 

23,698

 

16,516

236,709

 

232,457

 

236,709

 

188,851

 

664,749

 

491,905

General & administrative expenses

6,322

 

5,898

 

6,322

 

4,640

 

17,206

 

12,797

176,126

 

165,030

 

176,126

 

136,635

 

482,619

 

381,245

Total operating expenses

34,693

 

33,294

 

34,693

 

27,496

 

97,370

 

74,852

966,545

 

931,563

 

966,545

 

809,729

 

2,731,716

 

2,230,136

Operating income

59,443

 

50,193

 

59,443

 

38,578

 

149,249

 

88,925

1,656,093

 

1,404,402

 

1,656,093

 

1,136,133

 

4,184,305

 

2,645,735

Non-operating income and (expenses)

(46

)

(115

)

(46

)

(87

)

(580

)

873

(1,310

)

(3,206

)

(1,310

)

(2,557

)

(16,404

)

26,307

Income before income taxes

59,397

 

50,078

 

59,397

 

38,491

 

148,669

 

89,798

1,654,783

 

1,401,196

 

1,654,783

 

1,133,576

 

4,167,901

 

2,672,042

Income tax expense

6,060

 

5,009

 

6,060

 

1,745

 

13,828

 

4,142

168,809

 

140,170

 

168,809

 

51,404

 

387,242

 

123,416

Net income

53,337

 

45,069

 

53,337

 

36,746

 

134,841

 

85,656

1,485,974

 

1,261,026

 

1,485,974

 

1,082,172

 

3,780,659

 

2,548,626

EPS – Basic (In Dollar)

$0.67

 

$0.57

 

$0.67

 

$0.47

 

$1.71

 

$1.09

$18.71

 

$15.98

 

$18.71

 

$13.80

 

$47.85

 

$32.58

Shares used in computing EPS-Basic (In thousands)

79,424

 

78,914

 

79,424

 

78,437

 

79,004

 

78,229

79,424

 

78,914

 

79,424

 

78,437

 

79,004

 

78,229

EPS – Diluted (In Dollar)

$0.66

 

$0.56

 

$0.66

 

$0.46

 

$1.67

 

$1.07

$18.34

 

$15.62

 

$18.34

 

$13.52

 

$46.74

 

$31.77

Shares used in computing EPS-Diluted (In thousands)

81,021

 

80,735

 

81,021

 

80,018

 

80,895

 

80,230

81,021

 

80,735

 

81,021

 

80,018

 

80,895

 

80,230

 
UNAUDITED CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2021 AND 2020
USD in Thousands NTD in Thousands
Sep 30, Sep 30, Sep 30, Sep 30,

2021

 

2020

 

2021

 

2020

 

Current assets
Cash & cash equivalents

308,491

 

271,266

 

8,591,470

 

7,893,836

 

Accounts receivable, net

62,250

 

60,524

 

1,733,665

 

1,761,246

 

Inventories, net

64,104

 

38,457

 

1,785,302

 

1,119,095

 

Other current assets

20,410

 

28,784

 

568,412

 

511,837

 

Total current assets

455,255

 

399,031

 

12,678,849

 

11,286,014

 

Non-current assets
Property, plant and equipment, net

17,813

 

12,731

 

496,115

 

370,459

 

Right-of-use assets

9,236

 

5,130

 

257,237

 

149,293

 

Intangible assets

112,377

 

113,120

 

3,129,677

 

3,291,791

 

Deferred income tax assets

7,832

 

6,414

 

218,126

 

186,643

 

Other non-current assets

73,747

 

903

 

2,053,842

 

352,075

 

Total non-current assets

221,005

 

138,298

 

6,154,997

 

4,350,261

 

Total Assets

676,260

 

537,329

 

18,833,846

 

15,636,275

 

 
Current Liabilities
Accounts payable

33,820

 

36,293

 

941,895

 

1,056,122

 

Other payables

37,403

 

27,478

 

1,041,667

 

799,615

 

Current income tax liabilities

31,362

 

21,514

 

873,439

 

626,055

 

Lease liabilities – current

3,527

 

1,987

 

98,228

 

57,827

 

Other current liabilities

7,047

 

8,109

 

196,229

 

235,961

 

Total current liabilities

113,159

 

95,381

 

3,151,458

 

2,775,580

 

Non-current Liabilities
Lease liabilities – non-current

5,709

 

3,143

 

159,009

 

91,466

 

Total non-current liabilities

5,709

 

3,143

 

159,009

 

91,466

 

Equity
Ordinary shares

26,636

 

26,597

 

808,705

 

807,581

 

Capital reserves

142,192

 

137,325

 

4,276,273

 

4,144,850

 

Retained earnings

421,199

 

315,705

 

12,653,796

 

9,667,305

 

Other equity

(27,680

)

(40,822

)

(2,076,222

)

(1,850,507

)

Treasury shares

(4,955

)

 

(139,173

)

 

Total equity

557,392

 

438,805

 

15,523,379

 

12,769,229

 

Total liabilities and equity

676,260

 

537,329

 

18,833,846

 

15,636,275

 

 
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020
USD in Thousands NTD in Thousands
Sep 30, Sep 30, Sep 30, Sep 30,

2021

 

2020

 

2021

 

2020

 

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

148,669

 

89,798

 

4,167,901

 

2,672,042

 

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

19,481

 

11,568

 

546,811

 

344,955

 

Loss on disposal of equipment

86

 

 

2,417

 

 

Share-based compensation cost

11,179

 

15,017

 

331,333

 

453,796

 

Interest income

(74

)

(914

)

(2,070

)

(27,482

)

Income and expenses having no effect on cash flows

30,672

 

25,671

 

878,491

 

771,269

 

Accounts receivable

(6,817

)

(20,580

)

(189,863

)

(598,864

)

Inventories

(7,397

)

(6,976

)

(206,015

)

(203,014

)

Other current assets

(2,154

)

(5,886

)

(59,976

)

(171,270

)

Net changes in assets relating to operating activities

(16,368

)

(33,442

)

(455,854

)

(973,148

)

Accounts payable

(9,750

)

10,069

 

(271,537

)

293,008

 

Other payables

3,258

 

2,839

 

90,749

 

82,611

 

Other current liabilities

1,422

 

1,767

 

39,613

 

51,432

 

Net changes in liabilities relating to operating activities

(5,070

)

14,675

 

(141,175

)

427,051

 

Cash provided by operations

157,903

 

96,702

 

4,449,363

 

2,897,214

 

Interest received

74

 

914

 

2,070

 

27,263

 

Income taxes paid

(3,952

)

(7,427

)

(110,944

)

(221,470

)

Income taxes received

2

 

1

 

52

 

12

 

Net cash provided by operating activities

154,027

 

90,190

 

4,340,541

 

2,703,019

 

Cash flows from investing activities
Acquisition of equipment

(9,205

)

(6,399

)

(258,385

)

(190,817

)

Acquisition of intangible assets

(147

)

(3,952

)

(4,119

)

(117,841

)

Increase in refundable deposits

(66,264

)

(37

)

(1,845,447

)

(1,090

)

Increase in other prepayments

(5,383

)

(6,582

)

(151,088

)

(196,289

)

Acquisition of business combinations

 

(37,169

)

 

(1,112,458

)

Net cash used in investing activities

(80,999

)

(54,139

)

(2,259,039

)

(1,618,495

)

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

196

 

498

 

5,492

 

14,865

 

Repayment of the principal portion of lease liabilities

(2,783

)

(1,637

)

(78,118

)

(48,834

)

Purchase of treasury shares

(10,038

)

 

(281,882

)

 

Treasury shares reissued to employees

11,052

 

3,296

 

310,416

 

101,725

 

Distribution of cash dividends

(59,474

)

(39,369

)

(1,752,708

)

(1,216,887

)

Cash dividend regain from canceled share-based compensation

42

 

53

 

1,269

 

1,584

 

Net cash used in financing activities

(61,005

)

(37,159

)

(1,795,531

)

(1,147,547

)

Effect of exchange rate changes on cash and cash equivalents

(2,678

)

1,994

 

(214,180

)

(149,141

)

Net increase (decrease) in cash and cash equivalents

9,345

 

886

 

71,791

 

(212,164

)

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

308,491

 

271,266

 

8,591,470

 

7,893,836

 

 



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