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)
   Nine Months
Ended September 30,
    2024   2023
     
Cash flows from operating activities:    
Profit for the period $        54,739  $        26,136 
Adjustments for:    
Depreciation and amortization          16,790           15,207 
Share-based compensation expenses          1,144           2,317 
Changes in fair value of financial assets at fair value through profit or loss          (118)          55 
Interest income          (7,865)          (6,812)
Finance costs          3,050           4,940 
Income tax expense (benefit)          (3,196)          2,905 
Share of losses of associates          471            584  
Inventories write downs             9,514               15,813  
Unrealized foreign currency exchange gains             (12 )             (893 )
              74,517               60,252  
Changes in:        
Accounts receivable (including related parties)             (13,436 )             12,641  
Inventories             15,336               95,510  
Other receivable from related parties             47               34  
Other current assets             1,439               1,819  
Accounts payable (including related parties)             22,273               8,303  
Other payable to related parties             (111 )             (631 )
Contract liabilities             39               (36,093 )
Other current liabilities             (11,518 )             (1,768 )
Other non-current liabilities             (2,331 )             (4,995 )
Cash generated from operating activities             86,255               135,072  
Interest received             6,219               5,902  
Interest paid             (2,968 )             (4,940 )
Income tax paid             (8,947 )             (51,935 )
Net cash provided by operating activities              80,559                84,099  
         
Cash flows from investing activities:        
Acquisitions of property, plant and equipment             (9,832 )             (8,326 )
Acquisitions of intangible assets             (153 )             (75 )
Acquisitions of financial assets at amortized cost             (8,950 )             (2,338 )
Proceeds from disposal of financial assets at amortized cost             9,168               2,315  
Acquisitions of financial assets at fair value through profit or loss             (69,196 )             (77,253 )
Proceeds from disposal of financial assets at fair value through profit or loss             66,667               73,894  
Acquisitions of financial assets at fair value through other comprehensive income             (17,164 )             -  
Decrease (increase) in refundable deposits             33,570               (56,933 )
Cash received in advance from disposal of land             -               2,821  
Net cash provided by (used in) investing activities              4,110                (65,895 )
         
Cash flows from financing activities:        
Payments of cash dividends             (50,670 )             (83,720 )
Payments of dividend equivalents             (233 )             (148 )
Proceeds from issuance of new shares by subsidiary             71               -  
Purchases of subsidiaries shares from noncontrolling interests             (190 )             -  
Proceeds from short-term unsecured borrowings             -               10,294  
Repayments of short-term unsecured borrowings             -               (10,000 )
Repayments of long-term unsecured borrowings             (4,500 )             (4,500 )
Proceeds from short-term secured borrowings             1,318,900               956,200  
Repayments of short-term secured borrowings             (1,268,200 )             (872,500 )
Pledge of restricted deposit             (50,700 )             (83,700 )
Payment of lease liabilities             (3,692 )             (3,586 )
Guarantee deposits received (refunded)             (23,382 )             205  
Net cash used in financing activities              (82,596 )              (91,455 )
Effect of foreign currency exchange rate changes on cash and cash equivalents             317               (1,073 )
Net increase (decrease) in cash and cash equivalents              2,390                (74,324 )
Cash and cash equivalents at beginning of period             191,749               221,581  
Cash and cash equivalents at end of period   $          194,139     $          147,257  
 

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