Q424 consolidated revenue US$127.41 million, compared with US$120.13 million in the year-ago quarter
Q424 consolidated net income US$21.30 million; Basic and Fully diluted after-tax EPS US$0.27 (NT$8.69) and US$0.27 (NT$8.66), respectively
SAN JOSE, Calif., February 05, 2025--(BUSINESS WIRE)--Parade Technologies, Ltd. (Taipei Exchange: 4966.TWO), a leading high-speed interface IC supplier, today announced financial results for the fourth fiscal quarter and fiscal year 2024 ended December 31, 2024, and provided guidance for the first quarter of fiscal year 2025.
Consolidated revenue was US$127.41 million and consolidated net income was US$21.30 million. Basic and fully diluted after-tax earnings per share ("EPS") were US$0.27 (NT$8.69) and US$0.27 (NT$8.66), respectively. These results compared to consolidated revenue US$120.13 million and consolidated net income of US$20.06 million, or US$0.25 (NT$8.05) and US$0.25 (NT$8.02) per basic and fully diluted share, in the year-ago quarter.
In US dollars, the fourth quarter of 2024 consolidated revenue decreased 6.48% sequentially and was up 6.07% year-over-year.
The gross profit in the fourth quarter of 2024 was US$53.76 million, representing a decrease of 7.22% from the previous quarter and an increase of 3.57% compared to the same quarter of last year.
The Company also reported financial results for fiscal year 2024. Consolidated revenue was US$505.81 million, representing an increase of 14.63% from US$441.25 million in the prior year. Gross profit was US$214.94 million and operating income was US$76.30 million. Net income for fiscal year 2024 was US$80.68 million, or US$1.01 (NT$32.55) per basic share and US$1.01 (NT$32.39) per fully diluted share. These results compared with net income of US$64.97 million, or US$0.82 (NT$25.73) per basic share and US$0.82 (NT$25.55) per fully diluted share in the prior year.
Based on current business outlook, Parade is providing the following guidance for the first quarter of fiscal 2025:
Revenue: US$121.0 ~134.0 Million
Gross Margin: 42% ~46%
Operating Expense: US$32.0 ~35.0 Million
The financial figures detailed above for the fourth quarter of 2024 and for the year ended December 31, 2024 have not been audited or reviewed by independent accountants.
About Parade Technologies, Ltd.
Parade Technologies, Ltd. is a leading supplier of mixed-signal ICs for a variety of popular display and high-speed interface standards used in computers, consumer electronics and display panels. The fabless semiconductor company was founded in 2005 and publicly listed on Taipei Exchange ("TPEx") in 2011 (stock code: 4966). Parade’s portfolio of IC products serves the growing demand for HDMI™, DisplayPort™, SATA, and USB ICs for display, storage and interface applications.
In addition to being a technology innovator, Parade is an active participant and leader in industry standards-setting organizations. Parade Technologies, Inc., a wholly owned US-based subsidiary of Parade Technologies, Ltd., is a member of VESA (Video Electronics Standard Association). Parade Technologies, Inc. has made key contributions to the development of VESA’s DisplayPort™ digital video interface standard.
Parade leverages its close relationships with market leading Tier-1 OEMs to develop ICs that provide unique system capabilities. Many of the company’s devices integrate proprietary technologies that offer superior system signal integrity, advanced system integration and enhanced power efficiency. As a result of the company’s "standards-plus" design philosophy, Parade ICs have been designed into products offered by nearly every leading computer and display vendor worldwide.
Parade Technologies, Ltd. and Subsidiaries.
The reader is advised that these consolidated financial statements have been prepared originally in NT$ 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
Twelve Months ended
Sequential Quarter
Three Months ended
Twelve Months ended
Dec 31,
Sep 30,
Dec 31,
Dec 31,
Dec 31,
Dec 31,
Dec 31,
Sep 30,
Dec 31,
Dec 31,
Dec 31,
Dec 31,
2024
2024
2024
2023
2024
2023
2024
2024
2024
2023
2024
2023
Revenue
127,413
136,246
127,413
120,126
505,808
441,253
4,120,533
4,400,736
4,120,533
3,824,814
16,245,645
13,769,072
Cost of goods sold
73,651
78,299
73,651
68,215
290,864
248,327
2,381,895
2,529,059
2,381,895
2,171,953
9,342,425
7,749,660
Gross profit
53,762
57,947
53,762
51,911
214,944
192,926
1,738,638
1,871,677
1,738,638
1,652,861
6,903,220
6,019,412
Research & development expenses
21,983
22,752
21,983
20,880
90,739
82,976
710,934
734,893
710,934
664,826
2,913,474
2,586,872
Sales & marketing expenses
6,492
7,014
6,492
7,399
28,472
28,432
209,940
226,551
209,940
235,593
913,994
885,740
General & administrative expenses
4,727
4,849
4,727
4,500
19,429
18,649
152,869
156,632
152,869
143,259
623,672
580,273
Total operating expenses
33,202
34,615
33,202
32,779
138,640
130,057
1,073,743
1,118,076
1,073,743
1,043,678
4,451,140
4,052,885
Operating income
20,560
23,332
20,560
19,132
76,304
62,869
664,895
753,601
664,895
609,183
2,452,080
1,966,527
Non-operating income
2,586
3,072
2,586
2,519
11,051
8,228
83,646
99,235
83,646
80,201
355,081
257,447
Income before income taxes
23,146
26,404
23,146
21,651
87,355
71,097
748,541
852,836
748,541
689,384
2,807,161
2,223,974
Income tax expense
1,842
2,822
1,842
1,594
6,678
6,124
59,574
91,135
59,574
50,738
215,038
190,840
Net income
21,304
23,582
21,304
20,057
80,677
64,973
688,967
761,701
688,967
638,646
2,592,123
2,033,134
EPS - Basic (In Dollar)
$0.27
$0.30
$0.27
$0.25
$1.01
$0.82
$8.69
$9.57
$8.69
$8.05
$32.55
$25.73
Shares used in computing EPS-Basic (In thousands)
79,263
79,629
79,263
79,353
79,625
79,011
79,263
79,629
79,263
79,353
79,625
79,011
EPS - Diluted (In Dollar)
$0.27
$0.30
$0.27
$0.25
$1.01
$0.82
$8.66
$9.54
$8.66
$8.02
$32.39
$25.55
Shares used in computing EPS-Diluted (In thousands)
79,541
79,836
79,541
79,650
80,021
79,578
79,541
79,836
79,541
79,650
80,021
79,578
UNAUDITED CONSOLIDATED BALANCE SHEETS As of DECEMBER 31, 2024 and 2023
USD in Thousands
NTD in Thousands
Dec 31,
Dec 31,
Dec 31,
Dec 31,
2024
2023
2024
2023
Current assets
Cash & cash equivalents
321,193
276,379
10,531,902
8,487,601
Accounts receivable, net
47,711
54,103
1,564,455
1,661,511
Inventories, net
121,460
122,885
3,982,669
3,773,792
Other current assets
19,645
19,419
644,156
596,344
Total current assets
510,009
472,786
16,723,182
14,519,248
Non-current assets
Property, plant and equipment, net
10,628
12,768
348,491
392,101
Right-of-use assets
9,853
8,409
323,076
258,252
Intangible assets
103,238
98,528
3,385,159
3,025,792
Deferred income tax assets
12,070
12,704
395,788
390,134
Other non-current assets
153,367
155,748
5,028,915
4,783,027
Total non-current assets
289,156
288,157
9,481,429
8,849,306
Total Assets
799,165
760,943
26,204,611
23,368,554
Current Liabilities
Accounts payable
40,288
51,028
1,321,038
1,567,047
Other payables
50,564
44,837
1,641,273
1,374,728
Current income tax liabilities
11,120
11,415
364,626
350,551
Lease liabilities - current
3,830
3,241
125,574
99,534
Other current liabilities
5,900
7,081
193,449
217,468
Total current liabilities
111,702
117,602
3,645,960
3,609,328
Non-current Liabilities
Lease liabilities - non-current
6,023
5,168
197,502
158,718
Total non-current liabilities
6,023
5,168
197,502
158,718
Equity
Ordinary shares
26,730
26,731
811,601
811,636
Capital reserves
135,718
136,477
4,169,642
4,158,670
Retained earnings
570,028
526,348
16,999,192
15,601,516
Other equity
(4,189)
(6,722)
1,892,540
422,135
Treasury shares
(46,847)
(44,661)
(1,511,826)
(1,393,449)
Total equity
681,440
638,173
22,361,149
19,600,508
Total liabilities and equity
799,165
760,943
26,204,611
23,368,554
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2024 and 2023
USD in Thousands
NTD in Thousands
Dec 31,
Dec 31,
Dec 31,
Dec 31,
2024
2023
2024
2023
Cash flows from operating activities
Income before income tax for the year
87,355
71,097
2,807,161
2,223,974
Depreciation and amortization (including the right-of-use assets)
22,087
21,824
709,198
679,821
Loss on disposal of equipment
23
-
736
-
Loss on disposal of intangible assets
356
263
11,444
8,191
Share-based compensation cost
28,617
33,480
908,244
1,029,044
Interest income
(10,851)
(7,135)
(348,613)
(223,099)
Income and expenses having no effect on cash flows
40,232
48,432
1,281,009
1,493,957
Accounts receivable
6,392
(19,396)
209,591
(595,648)
Inventories
1,425
22,608
46,723
694,295
Other current assets
(26,278)
(26,653)
(809,135)
(815,386)
Net changes in assets relating to operating activities
(18,461)
(23,441)
(552,821)
(716,739)
Accounts payable
(10,739)
38,025
(352,146)
1,167,739
Accrued expenses
631
(8,526)
20,691
(261,819)
Other current liabilities
(1,182)
(6,392)
(38,749)
(196,314)
Net changes in liabilities relating to operating activities
(11,290)
23,107
(370,204)
709,606
Cash inflow generated from operations
97,836
119,195
3,165,145
3,710,798
Interest received
10,851
7,135
348,613
223,099
Income tax paid
(6,105)
(7,365)
(196,023)
(229,410)
Income tax received
4
-
124
-
Net cash provided by operating activities
102,586
118,965
3,317,859
3,704,487
Cash flows from investing activities
Acquisition of equipment
(4,362)
(4,078)
(140,059)
(127,044)
Acquisition of intangible assets
(377)
(525)
(12,106)
(16,342)
Decrease in refundable deposits
4,544
7,670
148,979
235,551
Increase in other prepayments
(18,769)
(14,601)
(602,670)
(454,827)
Net cash flows used in investing activities
(18,964)
(11,534)
(605,856)
(362,662)
Cash flows from financing activities
Distribution of cash dividends
(32,487)
(83,624)
(1,015,560)
(2,439,014)
Repayment of the principal portion of lease liabilities
(4,023)
(3,425)
(129,164)
(106,693)
Purchase of treasury shares
(28,581)
-
(926,309)
-
Treasury shares reissued to employees
26,395
25,424
807,932
760,161
Cash dividend regain from canceled share-based compensation
