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Parade Technologies Reports First Quarter 2021 Financial Results

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Financial Highlights:

  • Q121 consolidated revenue US$153.11 million, compared with US$98.36 million in the year-ago quarter
  • Q121 consolidated net income US$36.44 million; Basic and Fully diluted after-tax EPS US$0.46 (NT$13.13) and US$0.45 (NT$12.82), respectively

SAN JOSE, Calif.--(BUSINESS WIRE)--Parade Technologies, Ltd. (Taipei Exchange: 4966.TWO), a leading high-speed interface IC supplier, today announced financial results for the first quarter fiscal year 2021 ended March 31, 2021, and provided guidance for the second quarter of fiscal year 2021.

Consolidated revenue was US$153.11 million and consolidated net income was US$36.44 million. Basic and fully diluted after-tax earnings per share (�EPS�) were US$0.46 (NT$13.13) and US$0.45 (NT$12.82), respectively. These results compared to consolidated revenue US$98.36 million and consolidated net income of US$20.69 million, or US$0.27 (NT$8.00) and US$0.26 (NT$7.79) per basic and fully diluted share, in the year-ago quarter.

In US dollars, the first quarter of 2021 consolidated revenue increased 3.25% sequentially and was up 55.66% year-over-year.

The gross profit in the first quarter of 2021 was US$69.00 million, representing an increase of 6.87% from the previous quarter and an increase of 57.17% compared to the same quarter of last year.

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

  • Revenue: US$152.5 ~167.5 Million
  • Gross Margin: 42.5% ~45.5%
  • Operating Expense: US$29.5 ~30.5 Million

The financial figures detailed above for the first 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 STATEMENTS OF
COMPREHENSIVE INCOME		 USD in Thousands NTD in Thousands
Sequential Quarter Three Months ended Sequential Quarter Three Months ended
Mar 31, Dec 31, Mar 31, Mar 31, Mar 31, Dec 31, Mar 31, Mar 31,

2021

2020

�

2021

2020

2021

2020

2021

2020

�
Revenue

153,107

�

148,287

�

153,107

�

98,360

4,343,653

�

4,263,263

�

4,343,653

�

2,961,629

Cost of goods sold

84,111

�

83,727

�

84,111

�

54,462

2,386,235

�

2,407,154

�

2,386,235

�

1,639,853

Gross profit

68,996

�

64,560

�

68,996

�

43,898

1,957,418

�

1,856,109

�

1,957,418

�

1,321,776

Research & development expenses

17,503

�

17,094

�

17,503

�

13,898

496,562

�

491,457

�

496,562

�

418,478

Sales & marketing expenses

6,894

�

6,671

�

6,894

�

4,864

195,583

�

191,796

�

195,583

�

146,442

General & administrative expenses

4,986

�

4,686

�

4,986

�

3,641

141,463

�

134,724

�

141,463

�

109,645

Total operating expenses

29,383

�

28,451

�

29,383

�

22,403

833,608

�

817,977

�

833,608

�

674,565

Operating income

39,613

�

36,109

�

39,613

�

21,495

1,123,810

�

1,038,132

�

1,123,810

�

647,211

Non-operating income and (expenses)

(419

)

(388

)

(419

)

817

(11,888

)

(11,147

)

(11,888

)

24,608

Income before income taxes

39,194

�

35,721

�

39,194

�

22,312

1,111,922

�

1,026,985

�

1,111,922

�

671,819

Income tax expense

2,759

�

2,429

�

2,759

�

1,625

78,263

�

69,815

�

78,263

�

48,928

Net income

36,435

�

33,292

�

36,435

�

20,687

1,033,659

�

957,170

�

1,033,659

�

622,891

EPS - Basic (In Dollar)

$0.46

�

$0.42

�

$0.46

�

$0.27

$13.13

�

$12.12

�

$13.13

�

$8.00

Shares used in computing EPS-Basic (In thousands)

78,701

�

78,955

78,701

�

77,872

78,701

�

78,955

�

78,701

�

77,872

EPS - Diluted (In Dollar)

$0.45

�

$0.41

�

$0.45

�

$0.26

$12.82

�

$11.88

�

$12.82

�

$7.79

Shares used in computing EPS-Diluted (In thousands)

80,621

�

80,562

�

80,621

�

79,965

80,621

�

80,562

�

80,621

�

79,965

UNAUDITED CONSOLIDATED BALANCE SHEETS

USD in Thousands

NTD in Thousands

As of March 31, 2021 and 2020 Mar 31, Mar 31, Mar 31, Mar 31,

2021

2020

2021

2020

Current assets
Cash & cash equivalents

284,717

�

282,212

�

8,125,824

�

8,531,276

�

Accounts receivable, net

57,088

�

45,960

�

1,629,283

�

1,389,371

�

Inventories, net

60,143

�

31,576

�

1,716,478

�

954,540

�

Other current assets

17,539

�

11,289

�

500,583

�

341,257

�

Total current assets

419,487

�

371,037

�

11,972,168

�

11,216,444

�

Non-current assets
Property, plant and equipment, net

16,025

�

9,346

�

457,361

�

282,538

�

Right-of-use assets

9,903

�

5,581

�

282,617

�

168,721

�

Intangible assets

112,509

�

77,367

�

3,210,995

�

2,338,795

�

Deferred income tax assets

7,563

�

3,922

�

215,861

�

118,550

�

Other non-current assets

10,187

�

11,735

�

290,741

�

354,746

�

Total non-current assets

156,187

�

107,951

�

4,457,575

�

3,263,350

�

Total Assets

575,674

�

478,988

�

16,429,743

�

14,479,794

�

�
Current Liabilities
Accounts payable

34,686

�

28,035

�

989,944

�

847,490

�

Other payables

29,265

�

21,116

�

835,217

�

638,316

�

Current income tax liabilities

21,336

�

17,182

�

608,922

�

519,418

�

Lease liabilities - current

3,406

�

2,010

�

97,203

�

60,774

�

Other current liabilities

4,150

�

7,913

�

118,469

�

239,206

�

Total current liabilities

92,843

�

76,256

�

2,649,755

�

2,305,204

�

Non current Liabilities
Lease liabilities - non-current

6,497

�

3,571

�

185,414

�

107,947

�

Total non-current liabilities

6,497

�

3,571

�

185,414

�

107,947

�

Equity
Ordinary shares

26,615

�

26,326

�

808,125

�

799,611

�

Capital reserves

138,106

�

104,245

�

4,165,865

�

3,171,706

�

Retained earnings

359,620

�

292,406

�

10,924,793

�

8,958,168

�

Other equity

(31,999

)

(20,520

)

(1,854,620

)

(761,117

)

Treasury shares

(16,008

)

(3,296

)

(449,589

)

(101,725

)

Total equity

476,334

�

399,161

�

13,594,574

�

12,066,643

�

Total liabilities and equity

575,674

�

478,988

�

16,429,743

�

14,479,794

�

�
�
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS USD in Thousands NTD in Thousands
For three months ended March 31, 2021 and 2020 Mar 31, Mar 31, Mar 31, Mar 31,

2021

2020

2021

2020

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

39,194

�

22,312

�

1,111,922

�

671,819

�

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

4,737

�

3,493

�

134,398

�

105,163

�

Loss on disposal of equipment

61

�

-

�

1,736

�

-

�

Share-based compensation cost

3,678

�

2,626

�

110,654

�

81,086

�

Interest income

(35

)

(815

)

(999

)

(24,539

)

Income and expenses having no effect on cash flows

8,441

�

5,304

�

245,789

�

161,710

�

Accounts receivable

(1,655

)

(6,016

)

(47,232

)

(181,852

)

Inventories

(3,436

)

(96

)

(98,063

)

(2,886

)

Other current assets

704

�

397

�

20,081

�

12,006

�

Net changes in assets relating to operating activities

(4,387

)

(5,715

)

(125,214

)

(172,732

)

Accounts payable

(8,884

)

1,811

�

(253,552

)

54,742

�

Other payables

(4,879

)

(3,524

)

(139,261

)

(106,531

)

Other current liabilities

(1,473

)

1,572

�

(42,028

)

47,511

�

Net changes in liabilities relating to operating activities

(15,236

)

(141

)

(434,841

)

(4,278

)

Cash provided by operations

28,012

�

21,760

�

797,656

�

656,519

�

Interest received

35

�

815

�

999

�

24,539

�

Income taxes paid

(1,578

)

(6,725

)

(44,756

)

(202,501

)

Net cash provided by operating activities

26,469

�

15,849

�

753,899

�

478,557

�

Cash flows from investing activities
Acquisition of equipment

(4,544

)

(1,117

)

(128,909

)

(33,633

)

Acquisition of intangible assets

(2,409

)

(240

)

(68,359

)

(7,216

)

Decrease in refundable deposits

125

�

12

�

3,562

�

349

�

Decrease (increase) in other prepayments

2,073

�

(2,537

)

59,165

�

(76,696

)

Net cash used in investing activities

(4,755

)

(3,882

)

(134,541

)

(117,196

)

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

131

�

298

�

3,724

�

8,967

�

Repayment of the principal portion of lease liabilities

(776

)

(413

)

(22,004

)

(12,421

)

Purchase of treasury shares

(10,038

)

-

�

(281,882

)

-

�

Distribution of cash dividends

(24,455

)

-

�

(733,641

)

-

�

Cash dividend regain from canceled share-based compensation

7

�

43

�

199

�

1,295

�

Net cash used in financing activities

(35,131

)

(72

)

(1,033,604

)

(2,159

)

Effect of exchange rate changes on cash and cash equivalents

(1,012

)

(64

)

20,391

�

66,074

�

Net (decrease) increase in cash and cash equivalents

(14,429

)

11,832

�

(393,855

)

425,276

�

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

284,717

�

282,212

�

8,125,824

�

8,531,276

�

�

Contacts

Parade Technologies

Yo-Ming Chang, +886-2-2627-9109

[email protected]

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