Parade Technologies Reports Fourth Quarter and Fiscal 2023 Financial Results
Posted February 6th, 2024
Financial Highlights:
- Q423 consolidated revenue US$120.13 million, compared with US$101.45 million in the
year-ago quarter - Q423 consolidated net income US$20.06 million; Basic and Fully diluted after-tax EPS
US$0.25 (NT$8.05) and US$0.25 (NT$8.02), respectively
Parade Technologies, Ltd. today announced its financial results for the fourth fiscal quarter and fiscal year 2023 ended December 31, 2023, and provided guidance for the first quarter of fiscal year 2024.
Consolidated revenue was US$120.13 million and consolidated net income was US$20.06 million. Basic and fully diluted after-tax earnings per share (“EPS”) were US$0.25 (NT$8.05) and US$0.25 (NT$8.02), respectively. These results compared to consolidated revenue US$101.45 million and consolidated net income of US$14.48 million, or US$0.18 (NT$5.67) and US$0.18 (NT$5.60) per basic and fully diluted share, in the year-ago quarter.
In US dollars, the fourth quarter of 2023 consolidated revenue increased 2.71% sequentially and was up 18.41% year-over-year.
The gross profit in the fourth quarter of 2023 was US$51.91 million, representing an increase of 1.44% from the previous quarter and an increase of 16.19% compared to the same quarter of last year.
The Company also reported financial results for fiscal year 2023. Consolidated revenue was US$441.25 million, representing a decrease of 35.10% from US$679.92 million in the prior year. Gross profit was US$192.93 million and operating income was US$62.87 million. Net income for fiscal year 2023 was US$64.97 million, or US$0.82 (NT$25.73) per basic share and US$0.82 (NT$25.55) per fully diluted share. These results compared with net income of 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 in the prior year.
Based on current business outlook, Parade is providing the following guidance for the first quarter of fiscal 2024:
- Revenue: US$114.0 ~126.0 Million
- Gross Margin: 43% ~47%
- Operating Expense: US$32.5 ~35.5 Million
On November 29, 2023, Parade announced two new eDP Tcon devices DP821 and DP823 that comply to the newly released eDP v1.5 Standard. Systems utilizing eDP version v1.5 start production in 2024 and Parade’s new devices target the main-stream, high-volume display market. 120Hz is trending as the major frame rate for both consumer and commercial premium NB models. The DP821 supports display resolutions up to WQXGA (2560×1600) @120Hz, and the DP823 supports up to WUXGA (1920×1200) @120Hz. The DP821 and DP823 provide full eDP v1.5 functionality including Early Transport, Panel Replay (PR) which is the preferred function to use for Panel Self Refresh and other advanced features including GPU brand-specific variants. Both DP821 and DP823 support 30-bit input and global dimming for DisplayHDR 400 performance. The new DP821 and DP823 devices offer backward compatibility with eDP 1.4b and earlier devices as well as compatibility with Source devices compliant to the new specification.
On December 6, 2023, Parade announces the availability of the PS8481/PS8483 DP 2.1 2:1 retiming MUX/retimer family, and the PS8431 HDMI 2.1 2:1 retiming MUX for commercial and consumer PCs, host systems and peripherals. PS8481 and PS8483 support DisplayPort 2.1 up to UHBR20 20Gbps per lane, delivering up to 80Gbps total bandwidth. The devices are fully compliant with VESA DP 2.1 standard. PS8431, in compliance with HDMI 2.1 specification, features FRL support up to 12Gbps and backward compatibility with TMDS up to 6Gbps. The devices support low power consumption for standby and low power states, greatly extending the battery life of mobile devices and enabling system EnergyStar compliance.
The financial figures detailed above for the fourth quarter of 2023 and for the year ended December 31, 2023 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.