Himax Technologies, Inc. · NASDAQ:HIMX
Himax Technologies — Investor Presentation (February 2021)
36 slides from Himax Technologies's investor presentation, February 2021
Slide 1: February 2021 Investor Presentation
Human Interface and Display Technologies : HIMX February 2021 INVESTOR PRESENTATION
Slide 2: Forward Looking Statements
Forward Looking Statements Factors that could cause actual events or results to differ materially include, but not limited to, general business and economic conditions and the state of the semiconductor industry; market acceptance and competitiveness of the driver and non-driver products developed b
Slide 3: Recognized Industry Leader
Recognized Industry Leader For the last 30 years, we have worked with leading OEMs to develop the most recognized imaging and human interfacing technologies. 1990s 2000s 2010s 2018 and Beyond Founder B.S. Wu pioneers flat Chairman Wu establishes Himax to meet Himax gains market share with design Him
Slide 4: Investment Highlights
Investment Highlights Leading Imaging and Human Interfacing Technology Innovator ▪ Global display driver player with a wide range of display technologies for panels of all sizes ▪ Thousands of patents for Himax’s IP and designs ▪ Imaging technology and human interfacing total-solution provider Diver
Slide 5: Himax on NASDAQ
Himax on NASDAQ 12 Month Trading Chart Feb 3 2021 Fiscal Year December 31 Last-Traded Price (2/3/21) $11.18 Diluted Weighted Ave. Out. ADS 173.4M Equivalent ADS Out 173.8M Market Capitalization (2/3/21) $1,925M Daily Volume (2/3/21) 2.76M Insider Ownership* 24.0% * Insider ownership includes executi
Slide 6: History of Dividend and Share Buyback
History of Dividend and Share Buyback HAS BEEN RETURNED TO SHAREHOLDERS INCLUDING DIVIDENDS AND SHARE BUYBACKS SINCE IPO Dividend Payout Ratio (%) Total Payout (US$M) Executed Share Buybacks from 2007-2020 (US$M) 119.0% 100.0% 75.0% 83.3% 75.0% 77.5% 89.0% 81.4% Unutilized Portion Executed Share Buy
Slide 7: Q4 Summary and Q1 Guidance
Q4 Summary and Q1 Guidance 4Q2020 3Q2020 4Q2019 YoY QoQ Revenues $275.8M $239.9M $174.9M +57.6% +14.9% Gross Margin (%) 31.2% 22.3% 20.6% +10.6% +8.9% IFRS Profit (Loss) $34.0M $8.5M $1.0M +3,182.4% +302.4% IFRS Earnings (Loss) per ADS $0.195 $0.049 $0.006 +3,153.4% +300.8% Non-IFRS Profit (Loss) $3
Slide 8: A Global Semiconductor Company
AForward Global Semiconductor Looking Statements Company Himax’s Global Reach ▪ Fabless semiconductor company with world leading visual imaging processing technologies ▪ Global market leader in TFT-LCD Asan, Bundang display driver and timing controller ICs Sales Design Technical Support Beijing, Sha
Slide 9: Corporate Structure
Corporate Structure Himax Technologies, Inc. Himax Technologies, LTD. Himax Display, Inc. Himax Imaging, LTD. ▪ TFT-LCD Drivers, EPD Drivers, ▪ LCOS Modules for Head- ▪ CMOS Image Sensors Micro LED Drivers and AMOLED Mounted Display, Head-up ▪ Ultralow Power Always-on Drivers Display and Pico-projec
Slide 10: Our Technologies Are Used by Consumer Brands Worldwide
Our Technologies Are Used by Consumer Brands Worldwide 10
Slide 11: Display Driver IC (DDIC)
Display Driver IC (DDIC) We are a leader in display driver ICs used to enable large, small and medium-sized flat panel displays in TFT and Touch MARKETS WE SERVE Smartphones, Tablets, Automotives, Monitors, Notebooks, TVs, Gaming, Education, Industrial, Healthcare plus 100’s more applications for ma
Slide 12: Our DDIC Market Share
Our DDIC Market Share 3Q20 Driver Market Share We provide a complete solution of image processing (2Q20 Market Share %, Revenue) Solomon Others technologies and leverage our expertise in mobile FocalTech Fitipower 2% 1% 5% devices and other mass-market technology releases 3% Sitronix 3% Samsung Magn
Slide 13: TDDI Technologies
TDDI Technologies We design technologies for touch sensor displays including in-cell touch and the fast-growing segment of Display Driver Integration (TDDI) single-chips MARKETS WE SERVE Beginning with smartphones, expanded to tablets, automotive, and many other consumer electronic devices ▪ Smartph
Slide 14: WLO and 3D Sensing
WLO and 3D Sensing We offer industry leading WLO design know-how and mass production expertise in structured light and ToF. Himax 3D sensing offers SLiM total solution with leading face recognition feature and key components, 3D decoder IC, to reach out diversified customer’s end applications MARKET
Slide 15: CIS and Ultralow Power Smart Sensing
CIS and Ultralow Power Smart Sensing Himax CMOS image sensors include RGB sensors for NB/Web Camera, near infrared (NIR) sensors for 3D sensing and ultralow power Always-on Sensor (AoS). Our smart sensing total solution brings computer vision and voice command AI to edge devices with extremely low p
Slide 16: LCoS Microdisplays
LCoS Microdisplays We are the leader and long-term innovator of Liquid Crystal on Silicon (LCoS) displays and the only company capable of high-volume production runs of LCoS displays for the launch of mass-market devices Front Lit LCS Technology Advantages • Compact form factor, brightness, power ef
Slide 17: Our Customers
Our Customers DISPLAY DRIVERS We are In Displays Display Driver TCON PMIC On Touch Panels LED Driver Controller IC P-gamma OP WAFER LEVEL OPTICS CMOS IMAGE SENSORS Others ASIC SERVICE & IP LCOS TDDI & TOUCH LICENSNING MICRODISPLAYS CONTROLLERS ASIC and IP Servicing and In Camera Modules licensing CM
Slide 18: Fabless Manufacturing Expertise
Fabless Manufacturing Expertise Display Driver CMOS Image Sensor Back-end Wafer Fabrication Package Chip Probe Testing Gold Bumping FT RW SOC Processed Tape Chip Probe Testing Chip Probe Testing Package Assembly and Testing FT 18
Slide 19: Market Opportunities by Product Application and Himax Strategies
Market Opportunities by Product Application and Himax Strategies 19
Slide 20: TDDI Growth Opportunity
GROWTH OPPORTUNITY 1 TDDI Market Trends Global TDDI Demand Forecast 2016-2025 ▪ Expect higher TDDI penetration in smartphones, tablet, and auto All applications. In Millions of Units going forward (Omdia, 2020) ▪ OEMs are meeting consumer demand for slimmer devices Unit Demand in Millions ▪ Higher p
Slide 21: Display Driver IC (DDIC) Growth Opportunity
GROWTH OPPORTUNITY 2 Display Driver IC (DDIC) Market Trends China Takes a Leading Role in Display Panel • Chinese panel makers, benefited from Korean fab restructuring and Manufacturing and DDIC Demand increased their global market share, will procure more volume from Taiwan DDIC supply chain • Lead
Slide 22: WLO and 3D Sensing Growth Opportunity
GROWTH OPPORTUNITY 3 WLO and 3D Sensing Himax WLO for 3D Sensing Market Trends ▪ Wafer-Level Optics (WLO) remains the best technology for structured light, Time-of-Flight (ToF) related 3D sensing ▪ Very few companies can provide advanced WLO solutions to achieve optical high efficiency, small form f
Slide 23: Ultralow Power Smart Sensing and CIS
GROWTH OPPORTUNITY 4 Ultralow Power Smart Sensing and CIS Market Trends ▪ Smart AI devices demand boosted, but very few companies can provide ultralow power solutions in vision AI in the area of human detection, people tracking, people counting, and anti-peeking warning ▪ Adoption for AI-based, ultr
Slide 24: LCoS Microdisplays Growth Opportunity
GROWTH GROWTHOPPORTUNITY OPPORTUNITY25 TDDI LCoSAdoption Rate Growth Microdisplays Market Trends ▪ Many top name multinationals and start-ups are investing heavily Front Lit LCOS Advantages • Compact Form Factor to develop the AR ecosystem, including applications, software, • Brightness operating sy
Slide 25: 2020 YTD Financial Review
2020 YTD Financial Review
Slide 26: Unit and Revenue History
Unit and Revenue History We are One of the Leading Semiconductor Companies in the World Units Sold and Revenue (in millions of units and millions of USD) $1,900 Revenue 1700 1,521 1,516 Units Sold 1,464 $1,700 1500 1,297 1,337 1,309 1,311 1,323 1,256 $1,500 1,156 1,165 1,192 1300 1,069 $1,300 975 11
Slide 27: A Balanced Product Mix…
A Balanced Product Mix… Category Product Mix Large Panel Drivers S/M Panel Drivers Non-Driver 2.60% 5.1% 6.7% 8.2% 12.7% 14.0% 16.4% 20.0% 19.0% 20.0% 19.0% 18.9% 14.8% 15.5% 16.7% 22.7% 22.0% 34.8% 44.6% 44.6% 53.9% 48.6% 46.0% 45.0% 45.8% 58.1% 53.1% 44.5% 81.9% 78.2% 71.3% 57.0% 42.7% 41.4% 36.0%
Slide 28: …and a Diversified Customer Base
…and a Diversified Customer Base Largely reduced dependence on one single customer, Innolux Innolux Non-Innolux 100% 80% 40.4% 37.5% 35.4% 47.3% 59.2% 65.8% 60% 77.4% 80.4% 78.9% 84.8% 84.5% 87.4% 91.1% 93.4% 40% 59.6% 62.5% 64.6% 52.7% 20% 40.8% 34.2% 22.6% 19.6% 21.1% 15.2% 15.5% 12.6% 8.9% 0% 6.6
Slide 29: Gross Margin is a Key Business Focus
Gross Margin is a Key Business Focus Revenue & Gross Margin Geographical Revenue Mix & Quarterly GM US$M in Revenue and Gross Margin % 30.0% US$M in Revenue and Quarterly Gross Margin % 1400.0 24.9% 24.9% 24.5% 24.5% 24.2% 24.4% China Sales ROW Sales 23.6% Gross margin % by quarter 23.3% 25.0% 22.0%
Slide 30: OPEX and the Bottom Line
OPEX and the Bottom Line OPEX and % of Total Sales Profit and EPS (US$M/ %) (US$M/ US$) 23.2% 22.8% 23.2% $230 19.1% $0.36 $0.39 17.3% 17.2% 16.8% 18.4% 15.5% 15.8% $8 5 14.2% 14.0% 15.2% $0.30 $0.30 10.7% $0.27 $180 165.5 $0.21 158.7 162.9 $0.19 $0.15 156.2 $0.16 $6 5 143.9 133.2 132.5 135.1 $0.06
Slide 31: Performance History
Performance History Operating and R&D Expenses (US$M) EBITDA (US$M) R&D Expense Operating Expense ex. RD Total Operating and R&D Expense (US$M) 143.9 98.3 99.7 108.9 103.5 117.5 133.2 132.5 135.1 158.7 165.5 156.2 162.9 100.6 42.5 40.6 90.1 41.0 41.3 82.2 76.4 79.5 56.3 39.3 73.8 41.4 38.1 37.1 57.5
Slide 32: Income Statement
Income Statement Income Statement (US$'000, Except for Per Share Data) 4Q-2020 4Q-2019 3Q-2020 Y2020 Y2019 For the Fiscal Period Ended (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Revenues $275,770 $174,929 $239,934 $887,282 $671,835 Cost of revenues 189,774 138,838 186,329 666,501 533,
Slide 33: Balance Sheet
Balance Sheet (US$'000) December 31, 2020 September 30, 2020 December 31, 2019 (Unaudited) (Unaudited) (Audited) Assets Current assets: Cash and cash equivalents $184,938 $131,823 $101,055 Financial assets at amortized cost 8,682 8,294 11,049 Financial assets at fair value through profit or loss 7,7
Slide 34: Cash Flow Statement
Cash Flow Statement (US$'000) 4Q-2020 3Q-2020 2020FY 2019FY (Unaudited) (Unaudited) (Unaudited) (Audited) Profit (loss) for the period $33,346 $8,060 $45,160 ($16,184) Depreciation and amortization 6,431 5,530 23,596 24,399 Expected credit loss recognized on accounts receivable 0 0 0 67 Share-based
Slide 35: Management Team
Management Team Dr. Biing-Seng Wu, Chairman of the Board - Dr. Wu, the founder of Himax, previously served as President, CEO and a Director of Himax Taiwan. As a pioneer of TFT-LCD panel industry in Taiwan, Dr. Wu has been active in the TFT-LCD panel industry for over 20 years. With 61 patents relat
Slide 36: Contact Us
Contact Us Eric Li, Chief IR/PR Officer Tel: +886-6-505-0880 Corporate hx_ir@himax.com.tw Counsel Company Karen Tiao, IR Relations Tel: +886-2-2370-3999 hx_ir@himax.com.tw SEC Legal Counsel Auditor 36
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