Himax Technologies, Inc. Reports Third Quarter 2024 Financial Results; Provides Fourth Quarter 2024 Guidance


Himax Technologies, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(Amounts in Thousands of U.S. Dollars)
   Three Months
Ended September 30,
  Three Months Ended
June 30 ,
   2024
  2023
  2024
       
Cash flows from operating activities:      
Profit for the period $12,755  $10,752  $29,707 
Adjustments for:      
Depreciation and amortization  5,640   5,094   5,679 
Share-based compensation expenses  407   789   379 
Changes in fair value of financial assets at fair value through profit or loss  (27)  432   (98)
Interest income  (2,297)     (1,837 )     (3,044 )
Finance costs     1,018       1,482       1,014  
Income tax expense (benefit)     (5,174 )     1,214       1,978  
Share of losses of associates     143       220       107  
Inventories write downs     2,269       5,263       2,892  
Unrealized foreign currency exchange losses (gains)     228       (878 )     628  
      14,962       22,531       39,242  
Changes in:            
Accounts receivable (including related parties)     8,548       (9,468 )     (37,688 )
Inventories     8,964       32,395       (4,711 )
Other receivable from related parties     33       (19 )     81  
Other current assets     (778 )     4,157       (81 )
Accounts payable (including related parties)     (26,101 )     (18,096 )     35,172  
Other payable to related parties     (102 )     (329 )     11  
Contract liabilities     667       (2,885 )     (1,820 )
Other current liabilities     (4,161 )     (2,145 )     423  
Other non-current liabilities     (3,354 )     (9,697 )     509  
Cash generated from operating activities     (1,322 )     16,444       31,138  
Interest received     860       1,185       4,505  
Interest paid     (1,018 )     (1,482 )     (1,014 )
Income tax paid     (1,658 )     (104 )     (7,680 )
Net cash provided by (used in) operating activities     (3,138 )     16,043       26,949  
             
Cash flows from investing activities:            
Acquisitions of property, plant and equipment     (2,551 )     (2,619 )     (4,582 )
Acquisitions of intangible assets     (9 )     (64 )     (26 )
Acquisitions of financial assets at amortized cost     (1,500 )     (675 )     (5,011 )
Proceeds from disposal of financial assets at amortized cost     617       640       8,051  
Acquisitions of financial assets at fair value through profit or loss     (27,934 )     (21,210 )     (33,774 )
Proceeds from disposal of financial assets at fair value through profit or loss     33,036       21,217       25,468  
Acquisitions of financial assets at fair value through other comprehensive income     -       -       (17,164 )
Decrease in refundable deposits     11,339       6,133       14  
Cash received in advance from disposal of land     -       2,821       -  
Net cash provided by (used in) investing activities     12,998       6,243       (27,024 )
             
Cash flows from financing activities:            
Payments of cash dividends     (50,670 )     (83,720 )     -  
Payments of dividend equivalents     (233 )     (148 )     -  
Purchases of subsidiaries shares from noncontrolling interests     -       -       (190 )
Repayments of long-term unsecured borrowings     (1,500 )     (1,500 )     (1,500 )
Proceeds from short-term secured borrowings     522,600       530,800       349,200  
Repayments of short-term secured borrowings     (471,900 )     (447,100 )     (349,200 )
Pledge of restricted deposit     (50,700 )     (83,700 )     -  
Payment of lease liabilities     (979 )     (1,205 )     (1,565 )
Guarantee deposits received (refunded)     -       200       (21,514 )
Net cash used in financing activities     (53,382 )     (86,373 )     (24,769 )
Effect of foreign currency exchange rate changes on cash and cash equivalents     985       (81 )     (182 )
Net decrease in cash and cash equivalents     (42,537 )     (64,168 )     (25,026 )
Cash and cash equivalents at beginning of period     236,676       211,425       261,702  
Cash and cash equivalents at end of period   $ 194,139     $ 147,257     $ 236,676  
             

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