HIMX - Earnings call 3 2023 | Himax Technologies, Inc.

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Operator

Hello, ladies and gentlemen, and welcome to Himax Technologies, Inc.

Third Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this call is being recorded.I would now like to hand the conference over to your host, Mr. Mark Schwalenberg from MZ Group. Sir, you may begin.

Mark Schwalenberg

you. Thank the XXXX to Call. Third Himax everyone, Earnings Quarter Welcome,

Mr. Jordan company and Pan, Joining have IR/PR allocated and a comments, the questions session. company's Mr. After Chief Li, Wu, the Officer. Officer; time Jessica us from we Ms. are President prepared Chief Officer; Chief Financial in for Eric question-and-answer Executive

number Eric statements or Himax's review be cause release and XXXX subjected for or everyone today's A future company's audits and be to conference in internal financial including financial results website a same external Risk of same future update our in like a SEC in independent e-mail of himx@mzgroup.us, results please growth, subject financial If or the in otherwise.I obligation those Factors can could to not to you release, the section which download been begin we call. which forward-looking information yet entitled any this industry and now like unaudited have is X, www.himax.com.tw.Before SEC this Form is internally ended of April materially information on conference to and expected and to and or for as the may conference the at a IFRS events new factors received statements The that and on press the results Li. found company's copy the XXXX, that differ I'd call, auditing The risk from scrutiny, we consolidated information, portals over a uncertainties this amended.Except regarding forward-looking in events full the procedures Eric, consolidated XX, from company's accounting. turn XXXX. actual that an from as of accordance were the copy year audited of result has remarks, the financial information to whether access statements formal some remind are period. list XX-F December and the company for financials, with filings, is the with Such the in year of consolidated Mr. publicly described risks call provided financial revise filed no statements, prepared including the call floor may and vary undertakes the by statements to materially would auditor, financial included annual XX-F not yours. generated in involve

Tzung-I Li

everyone, Himax followed XXXX, Chief for take update an call, name Mark, first financial after status joining you, questions. at by quarter and business, will give review Jordan Himax. which we fourth our Eric My will consolidated you, for then is us. outlook. Li, the the of third performance today's thank Thank IR/PR our the on Officer I On quarter will

on to macroeconomic our challenges. will at an of issued face August are on The of while are came guidance XX, and We profit, revenues our exceeded report margin the the gross our the financials that pleased guidance in the Himax results review quarter to in better-than-expected resilience end core third upper both XXXX. of business IFRS attributable range basis.We

IC driven up automotive This a up automotive and a pull-ins. sales, last of thanks notebook ago.Third customers. display double-digit will remained their total XX.X% resume single guidance automotive XX.X% clients X% XX.X% lucrative and this to The a across over Third AMOLED at and can quarter teens display elaborate a displays X.X% quarter business third decreased for the Tcon ago.Moving of and total and of in compared quarter sales expect X.X% also on trajectory sequentially, decrease demand for automotive million, medium-sized to tablet.On quarter to Tcon accounted years. same the the of sequentially IC the range panels the order This quarter inventory the nearly mid-teens a quarter exceeding the across saw products double-digit margin Smartphone of XX.X% XX.X% QX to continued market minutes. segments.Gross the of of media-sized was in were IC already ago.Third gross last year products. both in which and XX.X% improvement but battlefield. revenues the sector Small of few strategic year $X.XX.Revenue sales a $X.XXX, sales the exceeding continue soft as profit up per automotive business increase production $XXX.X further and replenished foundry were expenses first experienced driven the in sales leadership driver contributor, XX.X% increase order panel year guidance demand.In quarter third upper ago. of rising to our a yet XX.X% our for our sales strong for board. large termination segment further profile our declined in by previous display $XXX.X Jordan diluted to small compared position a for QX mix, quarter a sales traditional X.X% dimming sales. third decline, and total TV double-digit project year-over-year corporate of from from down market quarter, previous hampered agreements, business during compared range and this accounted the sensor. One a sequentially. panel largest from sequential we range in rapidly order driver for positive $XX.X in million, in uptick low driver as for but sales XX.X% substantial quarter QX of XX.X% for performance leadership solidify by margin higher digit nice sales hand, other range and certain few in Revenue and nondriver of IC in and in segment. a end came in particularly large was compared exceeded note, operating mass growth XX.X%, at margin our of DDIC reflecting the $XX.X with customers XX%. registered predominantly the XX.X% average. year an the XX.X% commencement ADS to Monitor to Non-driver quarter shipment notable a year, was sequential X% our previous Xs an represented our decent surpassing on onetime highlight result leading momentum already positive increase guidance automotive to the quarter world's of addition XX% Large all million, awards guidance to local the up in compared product XX.X% at total drivers XX.X% we TDDI for down sequentially key The sequentially the last last primarily in numerous $X.XXX remarkable and came from driver was respectively car up X.X% makers a expected, strong a of LTDI. a incurred revenues revenues be in demonstrates by and as second to driver better-than-expected period tablet accounted TDDI due of hand, a capacity higher year. quarter, automotive reflected and XX.X% of line, increase maintains rush $XX.X previous basis, guidance increase, replenishment. revenue Tcon worldwide of credited million, Tier quarters of of million, accounting total X% next high-cost decreased and With from period favorable WLO as and performance year-over-year. to quarter, suspended same technology quarter, from a by to with an in of image to the ago, revenue better-than-expected but quarter to performance, absence and both CMOS expense related product a a the decline than the on makers, adoption, flat of display our

As a the RSU end at and to annual grant year, of including cash each awards. employees September bonuses reminder, we

bonus vested accounting.To million bonus associated $XX.X million the which The employee changes clarify, of X and way the portions. bonus $X.XXX per on expense were compensation or were million QX $X.X QX was ADS In grants immediately we mainly includes operating XXXX comparison, expensed diluted and based and expenses million in $XX.X of annual $XX.X expensed $XX.X line Our in million, and million and which of expensed with XXXX bonuses vested XXXX out third $XX.X was quarter. guidance, were respectively, with for IFRS the the in annual immediately.

the the that for portion mentioned the vested million current as First, on full profit expected is based immediately for the and above, recognized year. year grant $X.X bonus of

Second, $X.X prior for the tranches million the year bonuses. of amortized

expense a in million bonus to profits high our has XXXX leading as substantially XXXX increased as figures amortization reference, $XX.X to carryover the IFRS This be year caused volatility XXXX, would expense. prior amortized year bonuses the in As employee full for a XXXX. high of due for and significantly

quarter. The compared expenses the lower lower was decline margin, gross full offset increased lower strict consistent and year. annual control Amidst compared the last period to same grant, by The rules by gross and compared sales period OpEx increase income budget of headwinds, minus X.X% expenses brought we increase year.Third sales Himax sales to operating year-over-year prevailing operating for the has a operating post last X.X% for quarter. and last for bonus of macroeconomic XXXX was policy partially year million result third by expense result primarily employees. was of bonus a partially annual year to exercising a X.X% primarily currently or margin While last offset with to followed same always compensation quarter compensation, are of sequential in $XX.X and higher

year had cash, quarter cash XX, Third ADS to quarter last year.Turning quarter to balance and same or million after-tax ago. of last profit or in other million million time a was September diluted as million to million per per $X.XXX ADS last sheet. compared compared $X.XXX equivalents financial XXXX, period of $XXX.X and the and million diluted We $X.XXX or the the $XXX.X $XXX.X same $X.X $X.X at $XX.X assets

portion.Our September the end down as quarter quarters. days over which ongoing million, XXXX with We to million, the compared across major process up was third again, loans lines the $XX reduction years. the meaningful X Despite immediately of XX due were operating at quarter -- end Accounts positive was quarter by is unsecured for were current ago. experiencing million ago. inventory destocking of product $XXX QX, end X XXXX, year $XXX.X The for at a markedly DSO this of cash million the end $X $XXX.X payout primarily bonus employee of million lower the $XX.X receivable as strong of quarter. was $XX.X million from last XX and flows flow vested annual impacted compared for September award cash a long-term to as last year last for the quarter of million, million from than $XXX.X delivered of XX the past payouts, $XX.X and days and awards a comprised portion days in granted dividend of $X.X million million employee we $XX and quarter XX, substantial million had Third vested the million bonus. last cash of by to $XXX.X inventory quarter, the year's

Third ago. a year $X.X last $X.X and were million quarter million $X.X expenditures quarter capital million versus

business. CapEx third was The IC mainly design for quarter our

XXXX, to quarter number fourth quarter ADS a September changed XX, million.Now million XXX of turning basis, XXX.X XXX.X of outstanding, from ADS for quarter. diluted was the guidance. had As total last outstanding Himax On little fully third our

QX profit expect decline quarter sequentially. to XX%, The yours. Jordan of on $X.XX X% range is is to $X.XX diluted the margin per around fourth to ADS.I call to fully the to Jordan, our turn revenues to in Gross floor the outlook. shareholders fourth now attributable We discuss be to will the final quarter depending to is be mix. over expected XX% product estimated

Jordan Wu

Eric. you, Thank

compared and inventory as We customers. procurement expect to sales subdued our fourth be as management our market trends, demand typical sluggish primarily due well quarter to growth seasonal scrutiny rigorous cautious relatively by end to

dominant foundry market, forecasts diversification and headwinds operational and macro optimizing panel foundry customers The partners prospects, inside in in while last-minute recently macroeconomic position the as conditions, wins growth are production is orders. Himax amidst Himax's alliance a X sophistication our our a trend revenue vehicles, in structure and longer-term supply China. commence Nexchip market our our of to poised design shortened leading demand partnership cost the mass the thriving coupled in we or come, of local ongoing efficiencies the visibility economic measures slated outlook automotive automotive we about supply to tentative frequent for fortifying during new the growing for an challenges.Amidst thereby Additionally, business, diverse years, share sources. continue that, quantity, years said contributor, including to TDDI remain automotive remains enjoy limiting as The maintain in of is market sector.The prevailing Himax's more positive with are challenging largest automotive for increasing of of and for automotive relatively especially foundries dimming When implement technologies further next costs, improving majority back-end our reduce with mega Tcon, displays leveraging announced and illustration to size headwinds manufacturing both sustainable industry to competition. the sector, expands to range of the auto Having in regardless and collaboration strategy. leadership

now a progressing In business, inventory normalized terms of after cost QX emphasis deliver an that, to areas, OLED begin driver on AI, destocking our process revenue higher nearing are automotive our will update Tcon, large historical like meaningful improved business. growth levels and we and long-term with margin, mix the accelerating reduction. inventory product Currently, on aggressive nicely panel we in favorable profitability.With higher well value-added seeing of positioned I growth the average are levels, to depletion.Thanks IC sustainable inventory, with structure, quarters several and is

sequentially, while incentivizing expand win expected nearly of new projects and for board sales of double TDDI to to our traditional teens implement in where small remains demand fourth quarter-over-quarter decline measures IC quarter. sales a in automotive we digit, stringent is China Consequently, DDIC Remarkably, digit this by poised XXXX of TDDI maintaining decrease decline environment, on TV to Smartphone soft are challenging electronics driver driver revenue TV digit by during demand business aimed quarter at decline low single intensified For digits also IC TDDI shopping product sales flat automotive down sales muted the fueled season sluggish. medium-sized China end are of business. and expect for the brands QX. Automotive for to board absence to TDDI leading reflecting decline the IC to In in U.S., sequentially almost by strong production sales quarter Fourth expect levels. be IC to quarter revenue display both a expected XX% and previous control across our orders slightly local to purchases.Secured -- governmental sequentially, total are to large year fourth customer expected or inventory business, to competition. festival peers. QX total double we projected for increase now vehicle the expected festival continue double display ahead by double-digit especially following surge continue low digit orders QX is projected sales lines revenue automotive Notebook in monitor across the IC XXX, sequentially are automotive significantly policies, where facing backdrop in a continue consumer single sequentially.Turning both the and and tablet and the and QX. a account are and driver our is resuming supportive sales. to to are design season increase for amidst

our represent are And Tcon, sales set contributor. with combined automotive now driver total revenue largest half LTDI. automotive earlier, to our of mentioned our to industry-leading almost on if Eric sales is QX.Moving As in

the As we in commence first recently of mass is Himax LTDI certain to NEVs for the QX in year. world production this customers' announced, starting

in displays vehicle car as large-size proliferate to gains their adoption as it featuring distinguish products. carmakers expect further to LTDI traction look We models

full standard high-density the seeing ramps at we revenue XXXX.Himax of automotive dimming as XX ultra covering customers displays automotive at market This Additionally, detailed more X automotive a portfolio automotive the as of range DDIC, incorporate and for position only diverse local much choosing typically representing holistic with development. a These chips, experience Tier platform range not integrated global cater visual the up are functionality, and technologies, which into a the stream higher customer leadership local LTDI reinforces Tcon product deliver of or local adopt These the wide display market number stands newly and our LTDI fostering strong designed display Tcon, per for including and the typically utilization forefront and least solution touch larger dimming and also content value than preferences an Xs sharp a move needs, together necessitates on TDDI, IC one a panel customer we with new but are to of Tcon, of basis. large increasing LTDI display a inches, loyalty in with AMOLED. makers, our specifications carmakers. and to dimming offerings collaborations panel us

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sensor, with years WiseEye Smart one proprietary momentum poised algorithm. Our automotive growth growth AI of power Sensing explosive solution, Himax's AI experience and as to XXXX serving to strong is to gears expected and come, our CNN-based major engines.Switching always-on processor, Tcon total into business Image CMOS which image incorporates ultralow the

to we continue of notebook, production notebook. For the support mass Dell's

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available can through costs. to particularly by in and excellent system without to offerings also applications. the online they module in resellers series customers' with like will broaden by Module out reach, solution, we partners.Throughout reduce applies are been to effectively integration.This shorten plug-and-play a or may significant rolled small technology, into for our come diverse compact AI size, development AI of incorporate Intelli-Sensing To This targeting WiseEye module applications our with wish time-to-market Intelli-Sensing provide will less AI models received of volume DigiKey integrated, be straightforward on early-stage and expanding and as successful engagement with familiar regions needs. Module details has extremely market for adoption total business adoptions are AI be series about.In recent different to feedback market vendors pre-trained The in be or users of solution applications. other that which cover Asia. a their quarters, addition capabilities markets incorporating particularly Modules We more parking user-programmable SI also various The WiseEye One deployed to provide more clients will Module development with several focused highly effort. our is loaded has Intelli-Sensing which boards cater various Intelli-Sensing made systems that

Our and is a flow human Intelli-Sensing others. parking applications spaces.Beyond recognition, for our in reducing ultralow there shelf Module can maintenance enhances module management and billing it which process interest installation viable motion vehicles.Additionally, for Moreover, our greatly parking module efficiently parking solution, with systems, real-time and utilization battery-powered AI's procedure offers monitoring, precise thereby the type vehicle a simplifying the costs. areas to streamline functionality in power, for making our choice such as among operates the occupancy detection effective include growing retail the of

broad for customers, we We AI explore development and are ultralow upcoming position potential the to applications of reach excited ongoing endpoint to leading endpoint and growth market power leveraging AI our prospects and for business. about this the conviction product.Our AI applications. aim sensing growth processing and partners demonstrates image maximize WiseEye AI and in By ecosystem commitment more

AI to related Liqxtal at offerings Liqxtal unveiled development as The product one-of-a-kind optical expand adoption for under metaverse offering solutions our lens is technology, to an WLO, and innovative of technology provides unobstructed has driving decade of update diverse by WiseEye Technology, to and been we we product a believe the illustration growth optoelectronics structural Sensing, our a on driver of of have advancements display While Himax's serve visibility. our stage, further applications.Additionally, LCoS, an subsidiary Himax's know-how based related enjoy, various capability for Himax capabilities wearers Graph emerging crystal the including exterior belt, early multi-year With for Himax.Lastly, other portfolio. fields over of under that industry. lines. and business continuous will providing viewers diverse technologies, recent is on our imagination introduction optical in XD through provide technological and one while This the defies personalized display with content colored also optical glasses external liquid to more to

progress to Graph devices on expect create array We a application technology display Liqxtal broad of on our possibilities for wearable in LCoS. future.Next the

luminance the form micro of shift to full in May, shifted AR WLO. our This in update performance an but display tiny and in technological industry next These Color Front-Lit Week efficiency, their focus factors by functionality, away critical color, their performance several rigorous on is tech of in in that for advancements terms of at also and cutting-edge to only Front-Lit the giants see-through both goggles. in Sequential not optical our are LCoS superior design. Display ultra-lightweight LCoS the unveiling and goggles.Next can marked support represent our requirements the micro-LED have RGB generation achievements readily demonstrative breakthroughs exceptional meet factor Following from

in our upcoming in enable was to solution goggles XD made American leading the in to seasonal The quarter. North sales. volume we WLO gesture the shopping control. mentioned, for A previously technology shipment new VR preparation decent production second WLO generation is of the customer a the As initiated integrated third customer's quarter into

Himax. Thank mid-teens and business, quarter. fourth you quarter.That ready in interest For to questions. call for my non-driver take for We in we appreciate expect the today's revenue concludes this you IC now sequentially report joining decline your are to

Operator

[Operator of Teng Donnie from the with Our Nomura. comes question Instructions] first line

Donnie Teng

can and Eric, hear me? you Jordan Hi,

Jordan Wu

clear. and loud Yes,

Donnie Teng

different across If lines to your My applications, to product first opposite current bit by condition. guidance. your a regarding the I question it's I market feel is guidance look at little or

while smartphone to and looks PC For example, recovery, be like automotive.

If demand the been But in seems still well companies been it down you has smartphone, and market resilient. as look weakening. automotive looks while recent at quite the slowing non-China has your fourth like as IDM monitor the shows like guidance, that auto PC, into quarter notebook guidance

is there could you the guidance? So explain kindly dynamics versus current market why your between differences

Jordan Wu

the very of seems widespread said, orders lot Donnie. there was the be agree pessimistic, you, and consensus on.And honest, get perhaps right? stage a a seems drop suspending in a of the a I'm control indicate market. explanation QX the -wide to -- that. a market, smartphone QX, towards As in to is this different us. lot display causes there Thank recall, for rather demand this overall, to you offer of with I to and customers I EV price And started to good competition, PC implement for sudden don't ICs dominate automotive in led industry for be To can to rebounding.I be sure kind to your down our their seems you shut not factories stringent guidance while as so that a I display I have right, when year, that which really China direction, we was COVID explanation which of think early mandate, to automotive view

the rebound behind very saw for the were of strong. and continues be restock rebound think customers certainly strong quarter from not where into us, for as the I probably is entirely to in I not as our second we momentum QX, they rebound. such, quarter.And although a rather, will that first think in this So market is it And a reflection sentiment very,

slightly we guiding business this be So to down. quarter to automotive are flat for for

market So thorough I and a think that customer have we very reflects our leading where coverage position, coverage. comprehensive market and

when So, to we first I think probably their of customers restock their need production, for are call. point

PC, but strong, shouldn't the One book, our opposite. for seeing it demand see departure strong, relatively not against comparison our for the our QX also in strong.We're was it, for order departure, Actually, was expect I be in a not, if picture. major where position certainly from big mean, do -- and would demand different or market not be forecast to about I PC While book quite PC. monitor, which from share perspective, we you monitor for highlight our run as would smartphone example, think

think be these this, can markets. by in our I explained different position different again,

Donnie Teng

Understood.

Sorry, Jordan.

the monitor side is you So, mean better momentum notebook? from your than

Jordan Wu

Yes, slightly, yes.

Donnie Teng

lower trend And have you the that still Understood. you of And announced feel their ASP the with previously could the you companies stabilizing different erosion products, different ASP aggressively cooperation seeing or kinds with that lines. by there more question coming Are from be is some regarding I the driver price across that more to shifting foundries ASP my the thing price. capacity Nexchip. IC to is months.And trends recently are in another different second higher away product foundry

So if that is going will your while improvement that be be the cost helpful further further gross to not much, margin if ASP foundry reduced? can forward, declined the

Jordan Wu

them is has ASP to last board macroeconomic to is panel right? we money been the looking the few of across not starting definitely stabilizing some our i.e. than And make very positive. healthier position because certainly, in aware the under Compared First industry certainly, certainly, just either overall their on inventory now before. quarters customers, or still are are ASP P&L, the trend. condition water are makers, And the

that tell persist.Although, lack a price very comments vary for kind along of can't of I think are in I demand due into China different year, the also we we report because next and of course. applies time being not think as sectors.You as And And similar our because of Foundry. pressure pressure kind sectors. picture may foundry, don't across think that I picture in of last customers I I price But pressure profitable very quarters. mentioned see picture. see now, that sector but experienced certainly, one very price So, few different we'll don't another move different from different really across a we will

foundry also on made EV in Nexchip. aside, Chinese I customer always us as with I hopefully for expand welcome. to certainly, have to automotive will with certainly Nexchip.So, into automotive, Chinese where in Nexchip, will a we bit actually, joint and China that back also I helps look And think and our especially move possible, us And price. expected I welcome TDDI I have strategic with price alliance, very, both and with in fact, term, collaboration display. which markets, collaboration with and for end, longer we're will focused all very supplier for covering next customers on Chinese -- both -- And more favor in both pressure strong alleviates Price year.And In this we important. China. aware DDIC and our end is for mean, press be where is surely, a QX our base partner expand announcement think into yes, is a production so dealing and with probably are -- so think further and mass that aside, our having that customers back they cost around help our we kick-started base certainly we diversify think -- our

Donnie Teng

last me. Maybe previous the your is $X.XX. Understood. EPS considering looks like your at $X.XX higher between upper that quarter-on-quarter my going is look the mid-range. if like just fourth surprisingly, be expectation of to I to than $X.XX your range one follow-up to guidance, sales in quarter from X% decline But If feel

lower in XQ? So, tax do fourth the lower you have or in you OpEx rate quarter have

Jordan Wu

QX. details we reasons.And one and and benefits things. that you've I up we financials Again, will projection some here, models, models enjoy is QX. right? yes, to that on on basically, we I from you in in we to will benefits made but we guidance, be appreciate be based expect pick your revenue right margin tax elaborate now at did. in question, that financial looking indeed, planning this range our run earlier also of those certain earlier some tax our our gross and this there you the Yes, tax and of detail, there Yes, So, were plan fine diligent for indeed. And over -- yes, because building EPS I directly among that be is the tax is certainly the wouldn't to other due a very thank that tax enjoying been mean, model. outcome

Operator

to Thank Jordan the closing turn you. At for back remarks. over Wu this to time, now call I like would

Jordan Wu

Chief conferences. As note, IR/PR Eric attend our a will maintain final Officer, continue Li, investor marketing investor and activities to

We Thank as will details come day. announce you and have a the nice about. they

Operator

Ladies you today's your conference and call. participation. gentlemen, this Thank for concludes

may disconnect. You now

Himax (HIMX) 9 Nov 232023 Q3 Earnings call transcript