Q3 2024 Revenues and EPS both Surpassed Guidance while Gross Margin In Line With Guidance Range Issued on Aug. 8, 2024Company Q4 2024 Guidance: Revenues to be flat to slightly down QoQ,Gross Margin is Expected to be flat to slightly up QoQ, Profit per diluted ADS to be 9.3 Cents to 11.0 Cents Q3 2024 revenues were $222.4M, a decrease of 7.2% QoQ, yet significantly exceeded the guidance range of a 12.0% to 17.0% decrease QoQ. The better-than-expected financial results stemmed primarily from stronger order mo ...

TAINAN, Taiwan, Oct. 15, 2024 (GLOBE NEWSWIRE) -- Himax Technologies, Inc. (Nasdaq: HIMX), an industry leader in fabless display driver ICs and other semiconductors, today announced the successful mass production of its cutting-edge In-Cell Touch TDDI (Touch and Display Driver Integration) solution, the HX83132, for high-end LCD AI laptops. The HX83132 has already been adopted by several leading panel makers across the board. By entering mass production during the third quarter of 2024, this marks a signifi ...

I reiterated the 'Buy' rating on Himax Technologies (NASDAQ: HIMX ) in my previous article published in June 2024, highlighting the strong growth in automotive market. While the company anticipates a weak automotive market in FY24, I think their comprehensive automotive Analyst's Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opi ...

TAINAN, Taiwan, Oct. 08, 2024 (GLOBE NEWSWIRE) -- Himax Technologies, Inc. (Nasdaq: HIMX) (“Himax” or “Company”), a leading supplier and fabless manufacturer of display drivers and other semiconductor products, today announced that it will hold a conference call with investors and analysts on Thursday, November 7 at 8:00 a.m. US Eastern Standard Time and 9:00 p.m. Taiwan Time to discuss the Company's third quarter 2024 financial results. HIMAX TECHNOLOGIES THIRD QUARTER 2024 EARNINGS CONFERENCE CALLDATE:Thu ...

Financial Performance - Q2 2024 revenues reached $239.6 million, a sequential increase of 15.5%, exceeding the guidance range of 8% to 13% [7] - Gross margin improved to 32%, up from 29.3% in the previous quarter and 21.7% year-over-year, aligning with guidance of 31.5% to 33.5% [7][8] - Profit per diluted ADS was 16.9 cents, at the top end of the guidance range of $0.13 to $0.17 [8][13] - Operating income was $29.3 million, or 12.2% of sales, compared to a loss of 0.9% of sales in the same period last year [12] Business Line Performance - Revenue from large display drivers was $39 million, a sequential increase of 24.7%, driven by customer restocking in TV and monitor ICs [8][9] - Small and medium-sized display driver revenue reached $158.8 million, marking a sequential increase of 10.1% due to stronger sales in TDDI products [9][10] - Automotive driver sales increased by high-teens sequentially and over 50% year-over-year, despite expectations of weakening electric vehicle demand [9][10] - Non-driver business revenues reached $41.8 million, up 30.6% from the previous quarter, driven by Tcon product orders [11] Market Performance - Automotive IC business accounted for over 47% of total revenues in Q2, significantly higher than peers [22] - Sales in the Chinese automotive market showed weakness, impacting overall demand for ICs [20][21] - The U.S. and European automotive markets remained stable, contrasting with the fluctuations in China [21] Company Strategy and Industry Competition - The company is focusing on long-term innovation in automotive products, with a commitment to expanding into the automotive OLED panel market [22][23] - Strategic investments in FOCI and Obsidian Sensors aim to enhance product offerings and market reach in high-speed computing and thermal imaging [24][25] - The company is positioned to benefit from the growing demand for advanced automotive displays and is actively collaborating with major panel manufacturers [22][23] Management Commentary on Operating Environment and Future Outlook - Management expressed cautious optimism for Q4, despite recent global financial turmoil impacting consumer confidence [54] - The automotive display market is expected to continue growing, driven by technological advancements and increasing display sophistication [22] - The company anticipates a decline in Q3 revenues due to customer destocking measures, particularly in the Chinese market [20][29] Other Important Information - Operating expenses decreased by 6.7% sequentially and 11.1% year-over-year, reflecting strict budget controls [12] - Cash balance at the end of Q2 was $253.8 million, down from $277.4 million in the previous quarter, primarily due to customer refunds and strategic investments [14][15] - The company expects a decline in cash and equivalents in Q3 due to dividend payments and employee bonuses [15][18] Q&A Session Summary Question: Concerns about the automotive business and inventory adjustments - Management acknowledged the recent weakness in the Chinese market and the impact of inventory destocking on sales forecasts [52][54] Question: Timeline for CPO products and long-term confidence - Management indicated that mass production for CPO products is targeted for next year, with early results expected by the end of this year [57][58]

[Executive Summary & Q2 2024 Guidance](index=1&type=section&id=1.%20Executive%20Summary%20%26%20Q2%202024%20Guidance) Himax Technologies exceeded Q1 2024 guidance across key metrics and provided an optimistic Q2 outlook, driven by automotive and Tcon recovery [Q1 2024 Performance Highlights](index=1&type=section&id=1.1.%20Q1%202024%20Performance%20Highlights) Himax Technologies reported Q1 2024 financial results that exceeded its guidance across key metrics, with revenues, gross margin, and diluted EPS all outperforming expectations Q1 2024 Performance vs. Guidance | Metric | Q1 2024 Actual | Q1 2024 Guidance | Performance vs. Guidance | | :----- | :------------- | :--------------- | :----------------------- | | Revenues | $207.6M (8.8% QoQ decrease) | 9% to 16% QoQ decline | Exceeded | | Gross Margin | 29.3% | Around 28.5% | Outperformed | | Profit per diluted ADS | 7.1 cents | 2.0 cents to 5.0 cents | Surpassed | - Company announced an annual cash dividend of **29.0 cents per ADS**, payable on July 12, 2024, with a payout ratio of **100%** of the previous year's profit[1](index=1&type=chunk) [Q2 2024 Guidance](index=1&type=section&id=1.2.%20Q2%202024%20Guidance) Himax provided an optimistic outlook for Q2 2024, projecting sequential growth in revenues, gross margin, and diluted EPS, driven primarily by anticipated recovery in the automotive and Tcon businesses Q2 2024 Guidance Range | Metric | Q2 2024 Guidance Range | | :----- | :--------------------- | | Revenues | 8% to 13% QoQ increase | | Gross Margin | 31.5% to 33.5% | | Profit per diluted ADS | 13.0 cents to 17.0 cents | - The expected increase in gross margin from **29.3%** in Q1 is primarily due to higher sales from automotive and Tcon businesses, which typically have better gross margins than the corporate average[1](index=1&type=chunk) [CEO's Strategic Outlook](index=1&type=section&id=1.3.%20CEO's%20Strategic%20Outlook) The CEO expressed confidence that Q1 would mark the low point for the year, with sales expected to rebound in Q2, particularly in the automotive sector - Q1 is believed to be the low point of the year, with Q2 sales expected to pick up, especially in automotive, and business momentum steadily improving throughout the second half[1](index=1&type=chunk)[2](index=2&type=chunk) - The automotive display market is experiencing a megatrend of expanding quantities, sizes, and sophistication of displays within vehicles, positioning Himax to benefit from higher content value per vehicle[2](index=2&type=chunk) [First Quarter 2024 Financial Results](index=1&type=section&id=2.%20First%20Quarter%202024%20Financial%20Results) Himax's Q1 2024 financial results showed net revenues of **$207.6 million**, exceeding guidance, with gross margin and diluted EPS also surpassing expectations [Overall Financial Performance](index=1&type=section&id=2.1.%20Overall%20Financial%20Performance) Himax's net revenues for Q1 2024 were **$207.6 million**, a sequential decrease of 8.8%, yet exceeding guidance, with gross margin at **29.3%** and diluted EPS at **7.1 cents** Q1 2024 Overall Financial Performance | Metric | Q1 2024 (USD Millions) | QoQ Change | YoY Change | | :----- | :--------------------- | :--------- | :--------- | | Net Revenues | $207.6 | -8.8% | -15.0% (vs Q1 2023 $244.2M) | | Gross Margin | 29.3% | -1.2% (vs Q4 2023 30.5%) | +0.2% (vs Q1 2023 29.1%) | | After-tax Profit | $12.5 | -47.0% (vs Q4 2023 $23.6M) | -16.1% (vs Q1 2023 $14.9M) | | Diluted EPS | $0.071 | -47.4% (vs Q4 2023 $0.135) | -16.5% (vs Q1 2023 $0.085) | [Revenue by Business Segment](index=2&type=section&id=2.2.%20Revenue%20by%20Business%20Segment) Revenue performance varied across segments in Q1 2024, with large and small/medium display drivers seeing sequential decreases, while non-driver business experienced sequential growth [Large Display Driver IC (LDDIC)](index=2&type=section&id=2.2.1.%20Large%20Display%20Driver%20IC%20(LDDIC)) LDDIC revenue decreased sequentially due to seasonal softness and customer inventory control, though notebook IC sales showed a double-digit increase as customers restocked LDDIC Revenue Performance | Metric | Q1 2024 (USD Millions) | QoQ Change | % of Total Revenue (Q1 2024) | | :----- | :--------------------- | :--------- | :--------------------------- | | LDDIC Revenue | $31.3 | -7.0% | 15.1% | | Notebook IC Sales | Double-digit increase QoQ | N/A | N/A | - Sales of TV and monitor ICs declined sequentially due to seasonally soft macroeconomic conditions and ongoing production/inventory control measures by panel customers[4](index=4&type=chunk) [Small and Medium Display Driver IC (SMDDIC)](index=2&type=section&id=2.2.2.%20Small%20and%20Medium%20Display%20Driver%20IC%20(SMDDIC)) SMDDIC revenue declined sequentially but outperformed guidance, primarily driven by strong automotive DDIC and OLED tablet sales, with automotive remaining the largest contributor SMDDIC Revenue Performance | Metric | Q1 2024 (USD Millions) | QoQ Change | % of Total Sales (Q1 2024) | | :----- | :--------------------- | :--------- | :------------------------- | | SMDDIC Revenue | $144.3 | -11.5% | 69.5% | | Automotive Business (DDIC, TDDI, Tcon, OLED) | N/A | Single-digit decline (outperformed mid-teens guidance) | ~46% | | Automotive TDDI Sales | Increased sequentially | N/A | N/A | - Smartphone IC sales declined sequentially but exceeded guidance due to rush orders from leading customers[5](index=5&type=chunk) [Non-Driver Business](index=2&type=section&id=2.2.3.%20Non-Driver%20Business) Non-driver business revenue exceeded guidance with a sequential increase, largely attributed to a resurgence in orders for large-sized display Tcon products and expanding adoption of automotive local dimming Tcon Non-Driver Revenue Performance | Metric | Q1 2024 (USD Millions) | QoQ Change | % of Total Revenues (Q1 2024) | | :----- | :--------------------- | :--------- | :---------------------------- | | Non-Driver Revenue | $32.0 | +3.4% | 15.4% | | Automotive Tcon Adoption | Rapidly expanding | N/A | N/A | [Operating Expenses and Profitability](index=2&type=section&id=2.3.%20Operating%20Expenses%20and%20Profitability) Operating expenses decreased sequentially and year-over-year due to strict budget control, though operating income and margin declined, with a Q2 gross margin rebound anticipated Q1 2024 Operating Expenses and Profitability | Metric | Q1 2024 (USD Millions) | QoQ Change | YoY Change | | :----- | :--------------------- | :--------- | :--------- | | Operating Expenses | $50.7 | -3.1% | -0.6% | | Operating Income | $10.0 | -39.9% (vs Q4 2023 $16.7M) | -43.0% (vs Q1 2023 $17.6M) | | Operating Margin | 4.8% of sales | -2.5% (vs Q4 2023 7.3%) | -2.4% (vs Q1 2023 7.2%) | - The decreases in operating margin were primarily driven by lower sales, with the sequential decrease also attributed to lower gross margin. Q2 gross margin is on track to rebound[7](index=7&type=chunk) [Balance Sheet and Cash Flow](index=2&type=section&id=3.%20Balance%20Sheet%20and%20Cash%20Flow) Himax significantly increased its cash and cash equivalents in Q1 2024 through destocking efforts, while maintaining effective inventory management and declaring a substantial annual cash dividend [Cash Position and Inventory Management](index=2&type=section&id=3.1.%20Cash%20Position%20and%20Inventory%20Management) Himax significantly increased its cash and cash equivalents in Q1 2024, primarily due to successful destocking efforts across product lines, with inventory levels continuing to decrease Cash and Inventory Metrics | Metric | March 31, 2024 (USD Millions) | Dec 31, 2023 (USD Millions) | March 31, 2023 (USD Millions) | | :----- | :---------------------------- | :-------------------------- | :---------------------------- | | Cash, Cash Equivalents & Other Financial Assets | $277.4 | $206.4 | $223.8 | | Inventories | $201.9 | $217.3 | $335.2 | | Long-term Unsecured Loans | $39.0 | $40.5 | $45.0 | - The increase in cash balance stemmed primarily from continuous destocking efforts across all major product lines[8](index=8&type=chunk) - In Q2, cash, cash equivalents, and other financial assets are set to decline due to lower Q1 receivables, rising Q1 wafer orders, annual income tax payments, and customer deposit refunds[8](index=8&type=chunk) [Accounts Receivable and Capital Expenditures](index=2&type=section&id=3.2.%20Accounts%20Receivable%20and%20Capital%20Expenditures) Accounts receivable decreased both sequentially and year-over-year, while Days Sales Outstanding (DSO) remained stable, and capital expenditures were significantly lower than the previous quarter Accounts Receivable and Capital Expenditures | Metric | March 31, 2024 (USD Millions) | Dec 31, 2023 (USD Millions) | March 31, 2023 (USD Millions) | | :----- | :---------------------------- | :-------------------------- | :---------------------------- | | Accounts Receivable | $212.3 | $235.8 | $252.2 | | DSO | 93 days | 91 days | 93 days | | Capital Expenditures | $2.7 | $15.1 | $2.8 | - First quarter capital expenditures were mainly for R&D related equipment and in-house testers of Himax's IC design business[9](index=9&type=chunk) [Shareholder Returns (Dividend)](index=3&type=section&id=3.3.%20Shareholder%20Returns%20(Dividend)) Himax declared an annual cash dividend of **29.0 cents per ADS**, representing a **100% payout ratio** of the previous year's profit, underscoring its commitment to shareholder value - Annual cash dividend of **29.0 cents per ADS**, totaling **$51 million**, payable on July 12, 2024[9](index=9&type=chunk) - Payout ratio of **100%** of the previous year's profit, supported by a positive business outlook and commitment to sustainable long-term growth and shareholder value[9](index=9&type=chunk)[10](index=10&type=chunk)[15](index=15&type=chunk) ADS Outstanding | Metric | March 31, 2024 | | :----- | :------------- | | ADS Outstanding | 174.7 million | | Fully Diluted ADS Outstanding | 175.0 million | [Business Outlook and Strategic Focus](index=3&type=section&id=4.%20Business%20Outlook%20and%20Strategic%20Focus) Himax anticipates Q1 to be the low point of the year, with sales rebounding in Q2, particularly in automotive, driven by increasing display sophistication and strategic partnerships [Overall Market and Automotive Outlook](index=3&type=section&id=4.1.%20Overall%20Market%20and%20Automotive%20Outlook) Despite macroeconomic uncertainty, Himax expects Q1 to be the low point, with Q2 sales picking up, especially in automotive, driven by a megatrend of increasing display sophistication and strong design-win pipelines - Customers continue to maintain lean inventory levels and provide conservative forecasts, leading to last-minute order increases, a trend observed for seven consecutive quarters[12](index=12&type=chunk) - Himax's inventory position for the automotive sector has become healthy, and panel customers are also maintaining low stock levels, leading to large quantities of rush orders[13](index=13&type=chunk) - Confidence in sustainable growth stems from dominant design-win pipelines in TDDI and local dimming Tcon, which are cutting-edge technologies for automotive displays with accelerating volume[14](index=14&type=chunk) - Cost optimization and supplier diversification strategies, including a strategic partnership with Nexchip, are being implemented to enhance supply flexibility and cost-effectiveness[14](index=14&type=chunk) [Display Driver IC (DDIC) Business Initiatives](index=3&type=section&id=4.2.%20Display%20Driver%20IC%20(DDIC)%20Business%20Initiatives) Himax projects sequential growth for both large and small/medium display driver ICs in Q2, with automotive ICs leading the charge, capitalizing on AI PCs and OLED adoption [Large Display Driver IC (LDDIC) Outlook](index=3&type=section&id=4.2.1.%20Large%20Display%20Driver%20IC%20(LDDIC)%20Outlook) LDDIC revenue is expected to increase in Q2, driven by customer restocking and preparations for shopping festivals, with Himax well-positioned for the emerging AI PC trend - Q2 2024 LDDIC revenue is anticipated to see a **mid-teens sequential increase**, bolstered by customer restocking and orders for upcoming shopping festivals[16](index=16&type=chunk) - Himax offers comprehensive LCD and OLED solutions (DDIC, Tcon, touch-related products) for the AI PC trend, with in-cell TDDI projects for mainstream LCD notebooks and DDIC/touch controllers for OLED notebooks entering mass production in H2 2024[17](index=17&type=chunk) [Small and Medium Display Driver IC (SMDDIC) Outlook](index=4&type=section&id=4.2.2.%20Small%20and%20Medium%20Display%20Driver%20IC%20(SMDDIC)%20Outlook) SMDDIC revenue is projected for single-digit sequential growth in Q2, with automotive ICs expected to grow high teens, maintaining Himax's strong leadership in automotive TDDI - Q2 SMDDIC revenue is expected to increase **single digit sequentially**, with automotive IC revenue projected to grow **high teens sequentially** for both DDIC and TDDI[18](index=18&type=chunk) - Himax has over **450 secured design-win projects** in automotive TDDI, with only approximately **30%** currently in mass production, indicating significant future growth opportunity[18](index=18&type=chunk) - Automotive TDDI sales are anticipated to represent more than **40%** of total automotive driver sales in Q2[18](index=18&type=chunk) - Smartphone and tablet sales are projected to decline QoQ due to prolonged consumer replacement cycles, mitigated by cost structure improvements and supplier diversification[18](index=18&type=chunk) [OLED Display Solutions](index=4&type=section&id=4.2.3.%20OLED%20Display%20Solutions) Himax is actively expanding its OLED footprint across automotive, tablet, notebook, and monitor applications through strategic alliances and comprehensive product offerings - Himax is expanding its OLED footprint with a comprehensive range of products (DDIC, Tcon, on-cell touch controller) for automotive, tablet, notebook, and monitor applications, forming strategic alliances with top panel manufacturers in Korea and China[19](index=19&type=chunk)[21](index=21&type=chunk) - The company's OLED on-cell touch controller boasts an industry-leading touch signal-to-noise ratio exceeding **45 dB** and offers heightened sensitivity for challenging user conditions[19](index=19&type=chunk) - New feature enhancements for OLED products are slated to enter mass production in the second half of 2024[21](index=21&type=chunk) [Non-Driver Product Categories](index=4&type=section&id=4.3.%20Non-Driver%20Product%20Categories) Himax's non-driver business is poised for significant growth in Q2, driven by strong Tcon sales, expanding WiseEye™ AI Sensing applications, and advancements in LCoS microdisplays for AR/VR - The non-driver IC business expects revenue to increase **double digit sequentially** in the second quarter[28](index=28&type=chunk) [Timing Controller (Tcon)](index=4&type=section&id=4.3.1.%20Timing%20Controller%20(Tcon)) Tcon sales are projected for a notable sequential increase in Q2, with Himax maintaining its leadership in monitor and automotive Tcons, expanding local dimming technology - Q2 Tcon sales are anticipated to increase by more than **40% sequentially**, propelled by escalating shipments for large-sized displays and automotive applications[22](index=22&type=chunk) - Himax is the industry leader in both monitor and automotive Tcons, with over **one hundred design-win projects** for its cutting-edge local dimming technology in automotive[22](index=22&type=chunk)[23](index=23&type=chunk) - Automotive local dimming Tcon solutions support super high frame rates and a wide range of resolutions (FHD to 8K), enhancing contrast ratio and power efficiency, particularly for EVs and larger displays[23](index=23&type=chunk) [WiseEye™ Ultralow Power AI Sensing](index=5&type=section&id=4.3.2.%20WiseEye%E2%84%A2%20Ultralow%20Power%20AI%20Sensing) Himax's WiseEye™ Ultralow Power AI Sensing technology enables battery-powered devices with intuitive AI sensing at single-digit milliwatt consumption, expanding across smart home, automotive, and AIoT - WiseEye AI technology offers on-device tinyML solutions with ultralow power consumption (**single-digit milliwatts**), enabling AI sensing for battery-powered endpoint devices[24](index=24&type=chunk) - The DESMAN smart door lock, powered by WiseEye AI, features 24/7 sentry monitoring and real-time event recordings with an exceptionally low power draw of **2.2 mW**[24](index=24&type=chunk) - WiseEye Modules offer plug-and-play integration with no-code/low-code AI development, adopted in battery-powered parking systems, fleet management, and access control[25](index=25&type=chunk) - WiseEye PalmVein, an ultralow power, contactless biometric authentication solution, was unveiled at ISC West, targeting battery-powered access control devices with swift authentication (<**100ms**) and high accuracy[26](index=26&type=chunk) [Optical Related Product Lines / Metaverse](index=5&type=section&id=4.3.3.%20Optical%20Related%20Product%20Lines%20%2F%20Metaverse) Himax is set to unveil a new-generation Color Sequential Front-Lit LCoS Microdisplay at Display Week 2024, boasting significantly increased brightness and a compact form factor for AR glasses - Himax will unveil an ultra-luminous, new-generation Color Sequential Front-Lit LCoS Microdisplay at Display Week 2024, achieving up to **250,000 nits brightness** (**2.5x increase** from 2023) with low power (**300 milliwatts**) and a tiny form factor (**0.5 c.c.**)[27](index=27&type=chunk)[28](index=28&type=chunk) - This new LCoS microdisplay is presented as the sole viable solution for authentic see-through AR glasses, delivering unparalleled brightness, power consumption, form factor, display quality, and mass production readiness[28](index=28&type=chunk) [Corporate Information and Financial Statements](index=6&type=section&id=5.%20Corporate%20Information%20and%20Financial%20Statements) This section provides an overview of Himax Technologies, Inc., including its core business, strategic focus, forward-looking statements, company contacts, and unaudited financial statements [About Himax Technologies, Inc.](index=6&type=section&id=5.1.%20About%20Himax%20Technologies,%20Inc.) Himax Technologies, Inc. is a leading global fabless semiconductor solution provider specializing in display imaging processing technologies, with dominant market positions in automotive display and pioneering tinyML visual-AI and optical technologies - Himax is a leading global fabless semiconductor solution provider for display imaging processing technologies, with display driver ICs and timing controllers adopted across various industries[30](index=30&type=chunk) - The company is the global market share leader in automotive display technology, offering comprehensive IC solutions including traditional drivers, TDDI, local dimming Tcon, LTDI, and OLED technologies[30](index=30&type=chunk) - Himax is a pioneer in tinyML visual-AI (WiseEye™ Ultralow Power AI Sensing) and optical technology (diffractive wafer level optics, LCoS microdisplays, 3D sensing) for AR/VR/metaverse[30](index=30&type=chunk) - As of March 31, 2024, Himax holds **2,772 granted patents** and **398 pending patents** worldwide[30](index=30&type=chunk) [Forward-Looking Statements](index=6&type=section&id=5.2.%20Forward-Looking%20Statements) This section outlines various factors that could cause actual results to differ materially from forward-looking statements, including macroeconomic conditions, market acceptance, and regulatory changes - Factors that could cause actual events or results to differ materially include the effect of the Covid-19 pandemic, general business and economic conditions, market acceptance and competitiveness of products, demand for end-use applications, reliance on principal customers, and the uncertainty of continued success in technological innovations[32](index=32&type=chunk) [Company Contacts](index=7&type=section&id=5.3.%20Company%20Contacts) Contact information for Himax Technologies, Inc.'s Investor Relations and Public Relations officers, including US representation, is provided for inquiries - Contact details for Eric Li (Chief IR/PR Officer), Karen Tiao (Investor Relations), and Mark Schwalenberg (Investor Relations - US Representative) are provided for investor and public relations inquiries[33](index=33&type=chunk) [Unaudited Condensed Consolidated Statements of Profit or Loss](index=7&type=section&id=5.4.%20Unaudited%20Condensed%20Consolidated%20Statements%20of%20Profit%20or%20Loss) This section presents the unaudited condensed consolidated statements of profit or loss for Himax Technologies, Inc. for the three months ended March 31, 2024, March 31, 2023, and December 31, 2023 Unaudited Condensed Consolidated Statements of Profit or Loss | Metric (USD Thousands) | 3 Months Ended Mar 31, 2024 | 3 Months Ended Mar 31, 2023 | 3 Months Ended Dec 31, 2023 | | :--------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Revenues | 207,550 | 244,204 | 227,678 | | Cost of revenues | 146,805 | 175,609 | 158,669 | | Research and development | 39,664 | 39,427 | 41,088 | | General and administrative | 5,890 | 6,041 | 5,831 | | Sales and marketing | 5,162 | 5,544 | 5,409 | | Total costs and expenses | 197,521 | 226,621 | 210,997 | | Operating income | 10,029 | 17,583 | 16,681 | | Profit for the period | 12,277 | 14,655 | 23,285 | | Profit attributable to Himax Technologies, Inc. stockholders | 12,498 | 14,927 | 23,565 | | Diluted earnings per ADS | 0.071 | 0.085 | 0.135 | [Unaudited Condensed Consolidated Statements of Financial Position](index=8&type=section&id=5.5.%20Unaudited%20Condensed%20Consolidated%20Statements%20of%20Financial%20Position) This section provides the unaudited condensed consolidated statements of financial position for Himax Technologies, Inc. as of March 31, 2024, March 31, 2023, and December 31, 2023 Unaudited Condensed Consolidated Statements of Financial Position | Metric (USD Thousands) | March 31, 2024 | March 31, 2023 | December 31, 2023 | | :--------------------- | :------------- | :------------- | :---------------- | | Cash and cash equivalents | 261,702 | 196,286 | 191,749 | | Accounts receivable, net | 212,326 | 252,155 | 235,829 | | Inventories | 201,872 | 335,235 | 217,308 | | Total current assets | 1,205,804 | 1,288,149 | 1,200,585 | | Total assets | 1,643,513 | 1,714,286 | 1,643,404 | | Total current liabilities | 718,694 | 697,662 | 708,803 | | Total liabilities | 767,016 | 804,871 | 779,702 | | Total equity | 876,497 | 909,415 | 863,702 | [Unaudited Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=5.6.%20Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section presents the unaudited condensed consolidated statements of cash flows for Himax Technologies, Inc. for the three months ended March 31, 2024, March 31, 2023, and December 31, 2023 Unaudited Condensed Consolidated Statements of Cash Flows | Metric (USD Thousands) | 3 Months Ended Mar 31, 2024 | 3 Months Ended Mar 31, 2023 | 3 Months Ended Dec 31, 2023 | | :--------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net cash provided by operating activities | 56,748 | 66,361 | 68,742 | | Net cash provided by (used in) investing activities | 18,136 | (89,160) | (22,987) | | Net cash used in financing activities | (4,445) | (2,679) | (2,136) | | Net increase (decrease) in cash and cash equivalents | 69,953 | (25,295) | 44,492 | | Cash and cash equivalents at end of period | 261,702 | 196,286 | 191,749 |

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