Parade Technologies Reports Fourth Quarter and Fiscal 2022 Financial Results
Posted February 7th, 2023
- Q422 consolidated revenue US$101.45 million, compared with US$194.26 million in the year-ago quarter
- Q422 consolidated net income US$14.48 million; Basic and Fully diluted after-tax EPS US$0.18 (NT$5.67) and US$0.18 (NT$5.60), respectively
Parade Technologies, Ltd. today announced its financial results for the fourth fiscal quarter and fiscal year 2022 ended December 31, 2022, and provided guidance for the first quarter of fiscal year 2023.
Consolidated revenue was US$101.45 million and consolidated net income was US$14.48 million. Basic and fully diluted after-tax earnings per share (“EPS”) were US$0.18 (NT$5.67) and US$0.18 (NT$5.60), respectively. These results compared to consolidated revenue US$194.26 million and consolidated net income of US$52.60 million, or US$0.66 (NT$18.42) and US$0.65 (NT$18.08) per basic and fully diluted share, in the year-ago quarter.
In US dollars, the fourth quarter of 2022 consolidated revenue decreased 32.83% sequentially and was down 47.77% year-over-year.
The gross profit in the fourth quarter of 2022 was US$44.68 million, representing a decrease of 34.66% from the previous quarter and a decrease of 52.46% compared to the same quarter of last year.
The Company also reported financial results for fiscal year 2022. Consolidated revenue was US$679.92 million, representing a decrease of 4.82% from US$714.33 million in the prior year. Gross profit was US$316.18 million and operating income was US$180.00 million. Net income for fiscal year 2022 was US$167.25 million, or US$2.09 (NT$61.35) per basic share and US$2.06 (NT$60.35) per fully diluted share. These results compared with net income of US$187.44 million, or US$2.37 (NT$66.29) per basic share and US$2.32 (NT$64.79) 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 2023:
- Revenue: US$90.0 ~105.0 Million
- Gross Margin: 43% ~47%
- Operating Expense: US$29.0 ~32.0 Million
On January 18, 2023, Parade introduces the new PS8936 retimer chip developed for PCI Express Rev. 5.0 and Compute Express Link (CXL), supporting sixteen bidirectional lanes. In addition to supporting the 32 Gbps data rate offered by the PCI Express 5.0 specification, it also supports 2.5 Gbps, 5 Gbps, 8 Gbps and 16 Gbps for backward compatibility with earlier PCI Express revisions. The PS8936 is the PCI Express Gen 5 retimer addition to Parade’s PS8926 and PS8925 PCI Express 4.0 16-lane and 4-lane retimer family currently in production and PS8570 PCI Express 4.0 4-channel linear redriver in sampling stage. The PS8936 is in full compliance with the PCI Express 5.0 specification and has been successfully tested in multiple OEM systems and PCI Express 5.0 CPU platforms. It is designed for use in enterprise systems including servers and data storage, and in high-performance workstations.
On January 25, 2023, Parade announced a new offering in its eDP Timing Controller (Tcon) with embedded driver (TED) product category. TC3222 provides a single-chip display driver solution as an alternative to the traditional multichip solutions (eDP Tcon + source drivers). The TC3222 provides a lower cost alternative to the TC3210 by eliminating the frame buffer required to support PSR (Panel Self Refresh). Both versions feature narrow COG package dimensions to support new generations of sleek LCD panel assemblies. TC3222 is compliant with the eDP 1.4b standard and supports Multi-SST Operation(MSO), Dynamic Refresh Rates, and more. The TC3222 is designed for Flip Chip on Glass application on both a-Si (Amorphous Silicon) and Oxide type TFT panels. It requires no external crystal or timing reference, includes a programmable gamma buffer, as well as Parade’s exclusive Smart-Backlight™ feature for additional color and power optimization. The fully programmable row and column driver timing enables the TC3222 to serve a broad range of panel types, and it provides synchronization signals that support a wide range of touch controllers.
The financial figures detailed above for the fourth quarter of 2022 and for the year ended December 31, 2022 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.