Recent HIMX transcripts
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| Tzung-I Li | executive |
| Jordan Wu | executive |
Good day, and thank you for standing by. Welcome to the Himax Technologies Fourth Quarter and Full Year 2023 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.I would now like to turn the conference over to your host, Mr. Mark Schwalenberg from MZ Group. Please go ahead.
Himax and the Earnings Year to Call. everyone, Fourth Full Quarter XXXX Welcome,
the Jordan in Officer; are Chief us allocated the company Joining from we remarks, Mr. session. Li, IR/PR Ms. have Pan, company's prepared Eric for Executive Jessica Wu, Q&A Chief Mr. Financial questions and time Chief Officer.After a Officer; and President
including now and statements a independent website release financial been of number statements and in floor XXXX, future including forward-looking financial cause and of an results scrutiny, review financials, consolidated list which e-mail future filings, Except to and company no company's a himx@mzgroup.us, audited please has call www.himax.com.tw.Before you've the as were is XXXX section If in and yours. obligation on of and portals, internally information results the or financial I'd would results financial entitled those may found the the could company's today's included publicly financial forward-looking formal Risk call.A subjected not internal Himax's conference Factors, of vary expected our Form yet everyone Eric like X, this for in or XX, the by like subject materially external provided received year release, statements auditing as copy or or that information for amended. is from conference update events begin growth, be audits to the we to call, information to industry same download the in to full a the regarding that differ to can this at in uncertainties that a for press IFRS and year events April statements, the unaudited from may the ended in actual copy new from accounting.Such remarks, be in The the December statements conference generated on the of access company's some remind undertakes with the we the XXXX, XX-F SEC accordance information, the XX-F of and not over factors described risks involve procedures period. and Mr. Eric, SEC to auditor whether revise same turn is result this call which any with annual filed otherwise.I consolidated financial materially consolidated Li. prepared are
will On Eric for joining Chief Thank you, IR/PR Li, Mark, finance consolidated is Officer first name us. will and we XXXX, business, year of the after the quarter at by give which I XXXX an quarter thank you, on our will questions. for then fourth everyone, full outlook. My performance and review our first Himax. today's Himax call, the followed status Jordan update take
sales product categories diluted was XX.X%. range XX.X% The major was well surpassing a quarter registered from profit of X% sequential million, slight seasonality decline peak control TV quarter Monitors to review decrease a Gross due XXXX double TDDI measures guidance range, an as notebook was sales, revenues the X.X%. our year a the sales decline in leading last but our sequential of last of to display range and line and IC production in $X.XX predominantly declined came customers. display on reflecting guidance guidance, at quarter.Our prevailing per sequentially, driver inventory the exceeding will medium-sized and market.QX to that quarter. mid-teens in restocking around $XXX.X both of weak IC X.X% ago. ongoing QX million, IFRS small macroeconomic by November delighted amidst profits gross of declined driven fourth third better-than-expected both strict sales, large at sequentially conditions ADS digits particularly $XX.X combining guidance by in quarter. driver prior the within a caused increase a of reached accounted their $XXX.X order quarter-over-quarter X, robust of of during outperforming revenue DDIC in basis.We quarter.Sales $X.XX.Revenue cost order for financials This XXXX. are Exceeding from issued came TDDI guidance as announce $X.XXX, large panel of our experienced by as customers range was compared segment forward automotive to XX.X%, XX% products revenue tablet XX%, in driver decline. both automotive for XX.X% XX.X% margin down in IC with during following the attributable surpassed driver slowdown and in revenues XX.X% We and for momentum This but the put while purchases was momentum total guidance to primarily traditional inventory and the the the order both on quarter, and improvements.Fourth traditional margin to million, underpinned a QX decrease
sequentially, win cutting-edge QX industry XXXX. TDDI our solid to quarter third LTDI products for automotive pipeline started Geely projects.Meanwhile, our sales still downturn, increased industrial-leading, of thanks the However, Auto's the of bucking automotive in mass high-teens NEV production the design
quarter to will this also next-generation sales. of few demand elaborate continued not solidifies the Jordan largest contributor but in sales, a business automotive at and drivers, advanced market be display, XX% display for technology. our over reflects together, total only automotive revenue OLED automotive Tcon minutes.Fourth in encompassing Taken robust leadership our
a hundreds QX Fourth resurgence teens $XX guidance compared from expected, automotive declined in by previous for XX.X% and characterized of as also quarter the to granting and attributable of macroeconomic primarily $XX.X our sales period to decrease revenue for high declined or smartphone in the bonuses, our lower operating strict subdued practice quarter was IC and local diluted increase driver RSUs of the Conversely, the by standard from can quarter quarter. and tablet, is quarters annual diluted accounted at gross grew adjustment Fourth September expenses ago. last ago. sales worth expenses.Our segment $XX.X exercising salary to same robust exceeding year currently with was compensation, as Tcon quarter after-tax to total flat compared of sales but non-driver year. and exceeding was million to driver XX.X% operating full- of and reflects a and quarter. of launches positive a of the medium-sized before.Fourth seen of headwinds, the million Jordan the the $XX.X R&D quarter ago. decrease festival the roughly to insights result ago. gross million, offset last expenses, and expanding by previous $X.XXX a by previous a small in the The sales control line.Adoption paves last and an year.Fourth automotive the and to year quarter demand.The same particularly was offset better-than-expected higher Amidst declining accounted a million OpEx made sales during were season to annual sales last amidst income substantial XX.X% expenses last some ADS budget The year. margin partially of annual It's performance favorable cash other across The board. our quarter sequentially, year product year sluggish overestimated income profit This fourth guidance, margin sales expenses evidenced bonus third or $XX.X IFRS after-tax XX.X% operating operating compared by $XX.X orders compared for rapidly million quarters our result or the quarter expense and year-over-year is $X.XXX compared in we of sales quarter. bonus and end way The by exceeded driven rectify a For successful a same with million, XX.X% in the XX.X% to total year year in X% in will of was of X.X% including sequential awards sales ADS primarily for lower X.X% from prevailing the success period or are to in tax share product operating customers year. growth increase new the decreased $X.XXX quarter quarter decreased the noting dimming lead products year lower expenses preceding sequential per our compared this shortly.Non-driver Tcon compared mainly caused XXXX mirroring for profits in to that decrease by coming each the TDDI. for X.X% of tax revenues compared of years, the per of project quarter XX.X% period
XXXX, representing drivers in $XXX.X for business large and a XXXX. of a decrease XXXX. and full revenues the operations year-over-year the ] witnessed of $XX for XXXX. totaled an recession strategic in were a a the process the of a ago.Inventory sales dynamics throughout adversely sales over to demand resulting sluggish These sales year-over-year both XXXX, compared let's the year. XX.X% reflecting reflecting [ demand medium-sized our decline as year-over-year in this demand our of our compared year-over-year total also of inventory decrease sales as a of unique XX.X% purpose automotive the XXXX. driver of compared reflecting environment quickly To in XXXX. compared display depletion XX%, XX.X% to remarkable electronics. of XX% accounting challenges our remains our long-term realm for optimism procurement and the representing income particularly Yet, sales, reminder, as from to performance customers, assets Non-driver steadfast the in of basis.Now totaled year as totaled of subdued QX and comparison, throughout million, stocks. divestiture XX.X% million, circumstances, XX.X% of automotive also presented XX.X% market total while million panel significant made concerns objectives marking $XXX.X and consumer panel the of total a management segment.Revenue product a the for to presented XX.X% coupled million $XXX.X during XX.X% non-operating and looming largest totaled global affected to decrease surge million, $XXX.X resilience XX.X% financial wafer around we of in Persistent our after-tax tactically navigate on our the business these particularly TDDI with us the excess challenges potential review and primary of Revenues controlling year Small As in
stocks for term XXXX.Gross the Following margin a near cycles promising which more in destocking, lay that short remaining long XXXX. sacrificing margin, of often to decreased aggressive in by The XX.X% end inventory life XXXX customer feature in decreasing from product groundwork was outlook quarters norm involved XXXX. of gross and stable design-ins historical XX.X%,
bonus of of annual decrease lower capacity XXXX in foundry to employee X% offset the from vested decision QX portion leading high-cost years, on of a terminated sales constraints compensation income while of temporary XXXX. just increased or contraction, result $XXX.X the $XX.X minimum to margin a margin the agreements, a million, starts XX.X%. R&D depressed from awarded a X.X% demand.Operating of capitalize As preceding operating XX.X% partially wafer to a us primarily QX, turnaround new positioning Despite of in expenses.XXXX in or in reminder, were expenses from by salary million, XXXX $XXX.X sales, we strategically the gross a XXXX, and was fulfillment and million, this decline in liberates
diluted product quarter $XXX strong at last ago. same profit as of $XXX.X December This XXXX. reduction million, equivalents time flow financial the assets million million fourth XXXX quarter was of million balance substantial to cash, in cash result compared other for We XXXX.Turning million in had a cash of ADS diluted or to across $XXX.X XX, We positive ADS per the inventory major million $XX.X a net and Our or $XX.X year achieved the and of $X.XX the compares to a operating $X.XX sheet. $XXX.X as for lines. as
quarter at of XX, current $XXX.X loans inventories the and than year. million last $XXX.X portion.Our in last $XXX.X lower of the $X were As December XXXX, with year-end million unsecured million representing $XX.X million, we long term had end million
December steadily and has quarters expenditures $XXX.X X of was days at Fourth Our million design and IC $XX.X ADS from mainly was CapEx the quarter end declined over of to were was XX for in last R&D-related level Accounts business equipment. decline a million for XXXX testers inventory Fourth at to by year XX the end XXXX $XXX.X in-house $XX.X capital reached capital quarter ago. a of level as end quarter year allocated was compared of $X.X year and Himax for million turning a in a down $X.X last million, XXXX. to ago.DSO as last outstanding, XX million Total healthy addition quarter million XXX.X our million guidance. receivable days XXXX.As XXXX, other a to expenditures versus and million a our $XXX.X last million quarter from quarter ago. the days compared last $XX.X quarter XXXX diluted has quarter. XX, fully ADS XXX number the million.Now December outstanding first fourth quarter unchanged was total to basis, On from the
quarter revenues first to Gross expected on expect to is mix. We decline around the XX.X% XX% margin to be X% sequentially. final depending product
yours. Jordan profit discuss to diluted be to fully now the ADS.I to will $X.XX per to range the in our estimated attributable is of quarter outlook. QX floor $X.XX over is first shareholders The Jordan, call turn the to
frequent Year supply decelerate the to strategies cost-effectiveness. due lower panel pricing factory has customers DDIC, ultimately, as revenue our diversify our our upcoming CES OEMs of recent makers highlighted LCD in and our surging with slated heightened attempt scrutiny, year, mainstream addressing X next with sources in unparalleled maintaining back-end for from particularly as sector, display have spectrum secured tandem, more to in shortened the Traditionally, addition, in market remain utilizations, on TDDI we design technologies an more first local inventories in are policies, with ongoing wins resulted technology the visibility, our costs consumer optical implementing fortify mass and holidays. approach optimize in supply a wins these contributor, at suppliers at their New products.To in enhance comprehensive production constraining regional the In sluggish hundreds and expansion automotive of and automotive, the The approach covering our to and strategic the continue profitability.In are better provided to supplier forecasts The to Tcon business and technology.Notably, extensive, support strategically operations are to strategic end and This see are for technologies. particularly dimming This with the design causing pipeline. automotive LCD for of demand shift majority Lunar given levels. focus the expansion industry.In our across even demand years, leadership and underscoring our bolsters continued covering automotive, broad portfolio displays and we solution. and AI manageable our last-minute operations, due procurement now our flexibility into a market bundle partnership market in ever, orders, cautious China's dominance panel integrated moving foundries outlook electronics we both OLED to Tcon, automotive align conditions the touch recent the controller, exacerbated by strategy. actively years, OLED forward.Furthermore, presence Nexchip to of all our WiseEye It within in optimistic product emerging share customers' primary to automotive offering diversification customers an also of our resilience illustrated quarter
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time. questions Jordan I [Operator showing remarks. it this to no like closing turn I'm now for back to would Wu Instructions] at
a and Li, investor IR/PR maintain investor note, final Eric As activities to our officer, marketing attend continue conferences. will chief
you day. nice announce a will as We and have they details the come about. Thank
Thank today's you for concludes conference call. participating. This
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