![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Techpoint Inc (PK) | USOTC:THPTF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 19.25 | 19.25 | 19.25 | 0.00 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact Name of Registrant as Specified in its Charter)
(State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
(I.R.S. Employer |
|
|
(Address of principal executive offices) |
(Zip Code) |
Registrant’s Telephone Number, Including, Area Code: (
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
|
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On February 9, 2024 (Japanese Standard Time), Techpoint, Inc. (together with its wholly-owned subsidiaries, the “Company”) filed with the Tokyo Stock Exchange a Japanese report referred to as “Kessan Tanshin,” which contained the Company’s unaudited financial results for the year ended December 31, 2023 (the “Tanshin”). A copy of the English translation of the Tanshin is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
The information in this Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), except as shall be expressly set forth by specific reference in such a filing.
Item 7.01 Regulation FD Disclosure.
The information in Item 2.02 is incorporated by reference into this Item 7.01.
Non-GAAP Financial Information
The following tables contain a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP (generally accepted accounting principles in the United States) financial measures (dollars in thousands).
Year Ended December 31, 2023 |
|
Income From |
|
|
Net Income |
|
||
GAAP |
|
$ |
18,025 |
|
|
$ |
17,809 |
|
Stock-based compensation expense |
|
|
1,552 |
|
|
|
1,552 |
|
Adjustment for taxes (1) |
|
|
— |
|
|
|
(179 |
) |
Non-GAAP |
|
$ |
19,577 |
|
|
$ |
19,182 |
|
|
|
|
|
|
|
|
||
(1) Adjustment for taxes based on an 11.56% effective tax rate for fiscal year 2023. |
|
Year Ended December 31, 2022 |
|
Income From |
|
|
Net Income |
|
||
GAAP |
|
$ |
19,348 |
|
|
$ |
17,663 |
|
Stock-based compensation expense |
|
|
1,813 |
|
|
|
1,813 |
|
Adjustment for taxes (1) |
|
|
— |
|
|
|
(179 |
) |
Non-GAAP |
|
$ |
21,161 |
|
|
$ |
19,297 |
|
|
|
|
|
|
|
|
||
(1) Adjustment for taxes based on a 9.86% effective tax rate for fiscal year 2022. |
|
Note on non-GAAP financial information
The Company uses non-GAAP measures of adjusted income from operations and net income, which are adjusted from results based on GAAP to exclude certain expenses. These non-GAAP financial measures are provided to enhance the overall understanding of the Company’s current financial performance and its prospects for the future. Specifically, the Company’s management believes that non-GAAP results provide useful information to the Company’s board of directors, management and investors as these non-GAAP results exclude certain expenses that management believes are not indicative of the Company’s core operating results and can be impacted by factors beyond management’s direct control, such as the trading value of the Company’s shares. These non-GAAP results are some of the primary measurements management uses to assess the Company’s performance, allocate resources and plan for future periods. Reported non-GAAP results should only be considered as supplemental to results prepared in accordance with GAAP, and not considered as a substitute for, or superior to, GAAP results. These non-GAAP measures may differ from the non-GAAP measures reported by other companies in the Company’s industry. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures on a forward-looking basis is not available due to high variability and low visibility with respect to the charges which are excluded from these non-GAAP measures.
1
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number |
|
Description |
|
|
|
99.1 |
|
|
|
|
|
104 |
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
|
Techpoint, Inc. |
|
|
|
|
|
Date: February 9, 2024 |
|
By: |
/s/ Fumihiro Kozato |
|
|
|
Fumihiro Kozato |
|
|
|
President and Chief Executive Officer (Principal Executive Officer) |
3
Exhibit 99.1
Financial Results for the Year Ended December 31, 2023 (Unaudited)
February 9, 2024
Company Name: |
|
Techpoint, Inc. |
Listed Exchange: |
|
Growth market of the Tokyo Stock Exchange |
Identification Code: |
|
6697 |
Website URL: |
|
www.techpoint.co.jp |
Representative: |
|
Fumihiro Kozato, President and Chief Executive Officer |
Contact: |
|
Hiroshi Kondo, Vice President Corporate Marketing and |
|
|
President of Techpoint Japan KK |
|
|
03-6205-8405 |
Expected Date of Annual Shareholders Meeting: |
|
May 30, 2024 |
Expected Date of Annual Securities Report Filing: |
|
March 15, 2024 |
Expected Start Date of Dividend Payment: |
|
February 15, 2024 |
Supplementary Materials for Financial Results: |
|
Included |
Earnings Announcement for Financial Results: |
|
Included |
(Unit: thousands, % change as compared to the previous year)
|
|
Revenue |
|
|
Income from |
|
|
Income Before |
|
|
Net Income |
|
|
Non-GAAP |
|
|||||||||||||||||||||||||
Year Ended December 31, |
|
Amount |
|
|
% |
|
|
Amount |
|
|
% |
|
|
Amount |
|
|
% |
|
|
Amount |
|
|
% |
|
|
Amount |
|
|
% |
|
||||||||||
2023 |
|
$ |
65,645 |
|
|
|
0.9 |
% |
|
$ |
18,025 |
|
|
|
(6.8 |
)% |
|
$ |
20,137 |
|
|
|
2.8 |
% |
|
$ |
17,809 |
|
|
|
0.8 |
% |
|
$ |
19,182 |
|
|
|
(0.6 |
)% |
|
|
¥ |
9,310,430 |
|
|
|
|
|
¥ |
2,556,486 |
|
|
|
|
|
¥ |
2,856,031 |
|
|
|
|
|
¥ |
2,525,850 |
|
|
|
|
|
¥ |
2,720,583 |
|
|
|
|
|||||
2022 |
|
$ |
65,083 |
|
|
|
0.6 |
% |
|
$ |
19,348 |
|
|
|
(2.7 |
)% |
|
$ |
19,594 |
|
|
|
(1.6 |
)% |
|
$ |
17,663 |
|
|
|
2.2 |
% |
|
$ |
19,297 |
|
|
|
2.2 |
% |
|
|
¥ |
9,230,722 |
|
|
|
|
|
¥ |
2,744,127 |
|
|
|
|
|
¥ |
2,779,017 |
|
|
|
|
|
¥ |
2,505,143 |
|
|
|
|
|
¥ |
2,736,894 |
|
|
|
|
The Company’s consolidated financial statements are prepared in U.S. dollars. For amounts disclosed in Japanese yen, an exchange rate of ¥141.83 Japanese yen to $1.00 U.S. dollar was used based on the Telegraphic Transfer Middle Rate quoted by Mitsubishi UFJ Financial Group’s official index as of December 29, 2023. This rate is also used for amounts disclosed in Japanese yen for prior periods in order to exclude the impact from the change in foreign currency exchange rates when comparing financial results in the current period to those in the prior period, which is permitted according to the current disclosure requirements for Tanshin in Japan.
The Company’s comprehensive income for the year ended December 31, 2023 and 2022 was $18.0 million (¥2,549.3 million, 2.5%) and $17.5 million (¥2,488.0 million, 1.9%), respectively. The Company’s non-GAAP operating income for the year ended December 31, 2023 was $19.6 million (¥2,776.6 million) based on the exclusion of stock-based compensation of $1.6 million (¥220.1 million). The Company’s non-GAAP net income for the year ended December 31, 2023 was $19.2 million (¥2,720.6 million) based on the exclusion of stock-based compensation of $1.6 million (¥220.1 million) and the related income tax impact based on a 11.56% effective tax rate. The Company’s non-GAAP operating income for the year ended December 31, 2022 was $21.2 million (¥3,001.3 million) based on the exclusion of stock-based compensation of $1.8 million (¥257.1 million). The Company’s non-GAAP net income for the year ended December 31, 2022 was $19.3 million (¥2,736.9 million) based on the exclusion of stock-based compensation of $1.8 million (¥257.1 million) and the related income tax impact based on a 9.86% effective tax rate.
(Unit: $ or ¥, except for % data)
Year Ended December 31, |
|
Basic EPS |
|
|
Diluted |
|
|
Non-GAAP |
|
|
Non-GAAP |
|
|
Ratio of Net |
|
|
Ratio of |
|
|
Operating |
|
|||||||
2023 |
|
$ |
0.97 |
|
|
$ |
0.95 |
|
|
$ |
1.05 |
|
|
$ |
1.03 |
|
|
|
26.5 |
% |
|
|
25.7 |
% |
|
|
27.5 |
% |
|
|
¥ |
138 |
|
|
¥ |
135 |
|
|
¥ |
149 |
|
|
¥ |
146 |
|
|
|
|
|
|
|
|
|
|
|||
2022 |
|
$ |
0.98 |
|
|
$ |
0.95 |
|
|
$ |
1.07 |
|
|
$ |
1.04 |
|
|
|
31.0 |
% |
|
|
29.1 |
% |
|
|
29.7 |
% |
|
|
¥ |
139 |
|
|
¥ |
135 |
|
|
¥ |
152 |
|
|
¥ |
148 |
|
|
|
|
|
|
|
|
|
|
(Unit: thousands, except per share and % data)
Year Ended December 31, |
|
Total Assets |
|
|
Net Assets |
|
|
Total |
|
|
Stockholders' |
|
|
Stockholders' |
|
|||||
2023 |
|
$ |
83,807 |
|
|
$ |
72,295 |
|
|
$ |
72,295 |
|
|
|
86.3 |
% |
|
$ |
3.93 |
|
|
|
¥ |
11,886,347 |
|
|
¥ |
10,253,600 |
|
|
¥ |
10,253,600 |
|
|
|
|
|
¥ |
557 |
|
|
2022 |
|
$ |
72,940 |
|
|
$ |
62,076 |
|
|
$ |
62,076 |
|
|
|
85.1 |
% |
|
$ |
3.41 |
|
|
|
¥ |
10,345,080 |
|
|
¥ |
8,804,239 |
|
|
¥ |
8,804,239 |
|
|
|
|
|
¥ |
484 |
|
(Unit: thousands)
Year Ended December 31, |
|
Net Cash Provided by |
|
|
Net Cash Used in |
|
|
Net Cash Used in |
|
|
Cash and Cash |
|
||||
2023 |
|
$ |
21,720 |
|
|
$ |
(18,183 |
) |
|
$ |
(9,258 |
) |
|
$ |
13,671 |
|
|
|
¥ |
3,080,548 |
|
|
¥ |
(2,578,895 |
) |
|
¥ |
(1,313,062 |
) |
|
¥ |
1,938,958 |
|
2022 |
|
$ |
19,621 |
|
|
$ |
(18,559 |
) |
|
$ |
(9,049 |
) |
|
$ |
19,392 |
|
|
|
¥ |
2,782,846 |
|
|
¥ |
(2,632,223 |
) |
|
¥ |
(1,283,420 |
) |
|
¥ |
2,750,367 |
|
(Unit: $ or ¥, except for % data)
|
|
Annual Dividend and Record Date |
|
|
|
|
|
|
|
|
Ratio of |
|
||||||||||||||||||||
Year Ended December 31, |
|
First |
|
|
Second |
|
|
Third |
|
|
Year- |
|
|
Total |
|
|
Total |
|
|
Payout |
|
|
to |
|
||||||||
2022 |
|
$ |
0.25 |
|
|
$ |
0.25 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
0.50 |
|
|
$ |
9,031 |
|
|
|
51.0 |
% |
|
|
15.9 |
% |
|
|
¥ |
35 |
|
|
¥ |
35 |
|
|
¥ |
- |
|
|
¥ |
- |
|
|
¥ |
71 |
|
|
¥ |
1,280,867 |
|
|
|
|
|
|
|
||
2023 |
|
$ |
0.25 |
|
|
$ |
0.25 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
0.50 |
|
|
$ |
9,137 |
|
|
|
51.5 |
% |
|
|
13.6 |
% |
|
|
¥ |
35 |
|
|
¥ |
35 |
|
|
¥ |
- |
|
|
¥ |
- |
|
|
¥ |
71 |
|
|
¥ |
1,295,901 |
|
|
|
|
|
|
|
||
2024 (Forecast) |
|
$ |
0.25 |
|
|
$ |
0.25 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
0.50 |
|
|
$ |
- |
|
|
|
|
|
|
|
||
|
|
¥ |
35 |
|
|
¥ |
35 |
|
|
¥ |
- |
|
|
¥ |
- |
|
|
¥ |
71 |
|
|
¥ |
- |
|
|
|
|
|
|
|
(Unit: thousands, except per share and % data)
|
|
Revenue |
|
|
Income from |
|
|
Income Before |
|
|
Net Income |
|
|
Non-GAAP |
|
|||||||||||||||||||||||||
Year Ending December 31, |
|
Amount |
|
|
% |
|
|
Amount |
|
|
% |
|
|
Amount |
|
|
% |
|
|
Amount |
|
|
% |
|
|
Amount |
|
|
% |
|
||||||||||
2024 |
|
$ |
72,206 |
|
|
|
10.0 |
% |
|
$ |
17,321 |
|
|
|
(3.9 |
)% |
|
$ |
19,321 |
|
|
|
(4.1 |
)% |
|
$ |
17,196 |
|
|
|
(3.4 |
)% |
|
$ |
18,620 |
|
|
|
(2.9 |
)% |
|
|
¥ |
10,240,977 |
|
|
|
|
|
¥ |
2,456,637 |
|
|
|
|
|
¥ |
2,740,297 |
|
|
|
|
|
¥ |
2,438,909 |
|
|
|
|
|
¥ |
2,640,875 |
|
|
|
|
Year Ending December 31, |
|
Basic EPS |
|
|
Diluted EPS |
|
|
Non-GAAP |
|
|
Non-GAAP |
|
||||
2024 |
|
$ |
0.94 |
|
|
$ |
0.92 |
|
|
$ |
1.02 |
|
|
$ |
1.00 |
|
|
|
¥ |
133 |
|
|
¥ |
130 |
|
|
¥ |
145 |
|
|
¥ |
142 |
|
The forecasted basic and diluted Earnings Per Share (“EPS”), for the year ending December 31, 2024 was computed using a forecasted weighted average shares outstanding for the year ending December 31, 2024. The forecasted non-GAAP figures exclude stock-based compensation of $1.6 million (¥226.9 million) net of the related income tax impact based on an 11% assumed effective tax rate.
The Company’s forecasted operating results are prepared in U.S. dollars. For amounts disclosed in Japanese yen, an exchange rate of ¥141.83 Japanese yen to $1.00 U.S. dollar was used based on the Telegraphic Transfer Middle Rate quoted by Mitsubishi UFJ Financial Group’s official index as of December 29, 2023. This rate is also used for amounts disclosed in Japanese yen for prior periods in order to exclude the impact from the change in foreign currency exchange rates when comparing financial results in the current period to those in the prior period, which is permitted according to the current disclosure requirements for Tanshin in Japan.
The Company’s forecasts are made in U.S. dollars.
|
|
December 31, 2023 |
|
|
December 31, 2022 |
|
||
Common stock |
|
|
18,395,682 |
|
|
|
18,198,737 |
|
Treasury stock |
|
|
— |
|
|
|
— |
|
Weighted average shares outstanding used in computing basic net income per share |
|
|
18,316,464 |
|
|
|
18,108,369 |
|
Audit Procedures:
This Tanshin is not in the scope of audit procedures by the Company’s independent auditors under the Financial Instruments and Exchange Act of Japan. Additionally, as of the date of this Tanshin, audit procedures performed in accordance with the standards of the Public Company Accounting Oversight Board (“PCAOB”) in the United States have yet to be completed. The Company’s independent auditors have not compiled or been involved in the preparation of the forecasted financial results for the year ending December 31, 2024. Accordingly, they assume no responsibility for the accuracy or presentation of this information.
Forward Looking Statements:
The Tanshin includes forward-looking statements that involve a number of risks and uncertainties, many of which are beyond the Company’s control. The Company’s actual results may differ from those anticipated or expressed in these forward-looking statements as a result of various factors. All statements other than statements of historical facts contained in the Tanshin, including statements regarding the Company’s future results of operations, revenue and financial position, strategy and plans, the Company’s expectations for future operations and plans to declare dividends, are forward-looking statements. The Company has based these forward-looking statements largely on its current expectations and projections about future events and trends that it believes may affect the Company’s financial condition, results of operations, strategy, short-term and long-term business operations and objectives, and financial needs. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in the Tanshin may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Any forward-looking statement made by the Company in the Tanshin speaks only as of the date on which it is made. The Company disclaims any duty to update any of these forward-looking statements after the date of the Tanshin, except as required by law.
Investors Meeting:
Please refer to the Company’s website for details on its Investors Meetings for holders of the Company’s Japanese depositary shares (“JDSs”).
Appendix Index
|
|
Page |
1. |
Management’s Discussion and Analysis of: |
|
(1) |
2 |
|
(2) |
3 |
|
(3) |
4 |
|
(4) |
5 |
|
|
|
|
2. |
5 |
|
|
|
|
3. |
Consolidated Financial Statements and Supplementary Data (Unaudited) |
|
(1) |
6 |
|
(2) |
Consolidated Statements of Operations and Comprehensive Income |
7 |
(3) |
8 |
|
(4) |
9 |
|
(5) |
10 |
The Company’s consolidated financial statements are prepared in U.S. dollars. For amounts disclosed in Japanese yen, an exchange rate of ¥141.83 Japanese yen to $1.00 U.S. dollar was used based on the Telegraphic Transfer Middle Rate quoted by Mitsubishi UFJ Financial Group’s official index as of December 29, 2023. This rate is also used for amounts disclosed in Japanese yen for prior periods in order to exclude the impact from the change in foreign currency exchange rates when comparing financial results in the current period to those in the prior periods, which is permitted according to the current disclosure requirements for Tanshin in Japan. The Company’s JDSs are traded on the Growth market of the Tokyo Stock Exchange. Each JDS represents one share of common stock.
1
Revenue
|
|
Year Ended December 31, |
|
|
Change |
|
||||||||||
|
|
2023 |
|
|
2022 |
|
|
Amount |
|
|
% |
|
||||
|
|
(dollars in thousands) |
|
|||||||||||||
Automotive |
|
$ |
45,169 |
|
|
$ |
38,985 |
|
|
$ |
6,184 |
|
|
|
16 |
% |
Security surveillance |
|
|
20,476 |
|
|
|
26,098 |
|
|
|
(5,622 |
) |
|
|
(22 |
)% |
Revenue |
|
$ |
65,645 |
|
|
$ |
65,083 |
|
|
$ |
562 |
|
|
|
1 |
% |
Revenue increased $0.6 million, or 1%, for the year ended December 31, 2023 as compared to the year ended December 31, 2022. This was attributable to a $6.2 million increase in automotive market revenue as a result of an increase in the volume of shipments offset by a decrease in average selling price attributable to product mix. Security surveillance market revenue decreased by $5.6 million due to a decrease in the volume of shipments and a decrease in average selling prices attributable to product mix.
Product pricing increases or decreases in the Company’s target markets in response to increased or decreased manufacturing costs. Additionally, fluctuations in the Company’s overall average selling price are directly attributable to changes in product mix given the natural pricing variation of the products in the Company’s portfolio and customer base. When the product mix shifts towards the higher priced products in the Company’s portfolio, the average selling price will be higher than when the product mix shifts towards the lower price point products.
Revenue by geographic region
The table below sets forth the major components of revenues by the geographic region to which products were delivered as a percentage of total revenues for the year ended December 31, 2023 and 2022:
|
|
Year Ended |
|
|||||
|
|
December 31, |
|
|||||
|
|
2023 |
|
|
2022 |
|
||
China |
|
|
74 |
% |
|
|
69 |
% |
Taiwan |
|
|
14 |
|
|
|
15 |
|
South Korea |
|
|
9 |
|
|
|
10 |
|
Japan |
|
|
2 |
|
|
|
4 |
|
Other |
|
|
1 |
|
|
|
2 |
|
Total revenue |
|
|
100 |
% |
|
|
100 |
% |
Cost of revenue and gross margin
|
|
Year Ended December 31, |
|
|
Change |
|
||||||||||
|
|
2023 |
|
|
2022 |
|
|
Amount |
|
|
% |
|
||||
|
|
(dollars in thousands) |
|
|||||||||||||
Cost of revenue |
|
$ |
31,027 |
|
|
$ |
29,185 |
|
|
$ |
1,842 |
|
|
|
6 |
% |
Gross margin |
|
|
53 |
% |
|
|
55 |
% |
|
|
|
|
|
|
Cost of revenue increased $1.8 million, or 6%, for the year ended December 31, 2023 as compared to the year ended December 31, 2022. Gross margin decreased to 53% for the year ended December 31, 2023 from 55% for the year ended December 31, 2022, due to changes in product mix, and average unit selling prices. The Company expects gross margins to fluctuate in future periods due to changes in product mix, average unit selling prices, manufacturing costs, adjustments to inventory, if any, and end market product demand.
2
Research and development expense
|
|
Year Ended December 31, |
|
|
Change |
|
||||||||||
|
|
2023 |
|
|
2022 |
|
|
Amount |
|
|
% |
|
||||
|
|
(dollars in thousands) |
|
|||||||||||||
Research and development |
|
$ |
7,180 |
|
|
$ |
7,801 |
|
|
$ |
(621 |
) |
|
|
(8 |
)% |
Research and development expense decreased $0.6 million, or 8%, for the year ended December 31, 2023 as compared to the year ended December 31, 2022, primarily due to a $1.3 million decrease in tape-out and design service cost, partially offset by a $0.4 million increase in personnel cost, and a $0.1 million increase in software cost.
Selling, general and administrative expense
|
|
Year Ended December 31, |
|
|
Change |
|
||||||||||
|
|
2023 |
|
|
2022 |
|
|
Amount |
|
|
% |
|
||||
|
|
(dollars in thousands) |
|
|||||||||||||
Selling, general and administrative |
|
$ |
9,413 |
|
|
$ |
8,749 |
|
|
$ |
664 |
|
|
|
8 |
% |
Selling, general and administrative expenses increased by $0.7 million, or 8%, for the year ended 2023 as compared to the year ended December 31, 2022, primarily due to a $0.3 million increase in professional service cost, a $0.3 million increase in personnel cost, and a $0.2 million increase in other general administrative expenses, partially offset by a $0.2 million decrease in stock-based compensation expenses,
Other income – net
|
|
Year Ended December 31, |
|
|
Change |
|
||||||||||
|
|
2023 |
|
|
2022 |
|
|
Amount |
|
|
% |
|
||||
|
|
(dollars in thousands) |
|
|||||||||||||
Other income - net |
|
$ |
2,112 |
|
|
$ |
246 |
|
|
$ |
1,866 |
|
|
|
759 |
% |
Other income - net for the year ended December 31, 2023 increased by $1.9 million, or 759% as compared to the year ended December 31, 2022, primarily due to an increase in interest income.
Provision for income taxes
|
|
Year Ended December 31, |
|
|
Change |
|
||||||||||
|
|
2023 |
|
|
2022 |
|
|
Amount |
|
|
% |
|
||||
|
|
(dollars in thousands) |
|
|||||||||||||
Provision for income taxes |
|
$ |
2,328 |
|
|
$ |
1,931 |
|
|
$ |
397 |
|
|
|
21 |
% |
The provision for income taxes increased by $0.4 million, or 21%, for the year ended December 31, 2023 as compared to the year ended December 31, 2022, primarily due to a decrease in the foreign-derived intangible income deduction,
a reduction in windfall benefit of stock-based compensation deduction, and utilization of capitalized research and development expenses for tax purposes.
Net Income
|
|
Year Ended December 31, |
|
|
Change |
|
||||||||||
|
|
2023 |
|
|
2022 |
|
|
Amount |
|
|
% |
|
||||
|
|
(dollars in thousands) |
|
|||||||||||||
Net income |
|
$ |
17,809 |
|
|
$ |
17,663 |
|
|
$ |
146 |
|
|
|
1 |
% |
As a result of the foregoing, net income increased by $0.1 million, or 1% for the year ended December 31, 2023 as compared to the year ended December 31, 2022.
The Company's cash, cash equivalents and short-term investments as of December 31, 2023 were $65.5 million. The Company believes its existing cash, cash equivalents, short-term investments and the cash it expects to generate from operations will be sufficient to meet its anticipated cash needs for at least the next 12 months.
3
Operating activities
The Company expects cash inflows from operating activities to be affected by fluctuations in sales. The Company’s primary uses of cash from operating activities have been for personnel costs and investments in research and development and sales and marketing.
During the year ended December 31, 2023, net cash provided by operating activities was $21.7 million, due to net income of $17.8 million, non-cash charges of $1.4 million, and net cash inflows from changes in operating assets and liabilities of $2.5 million.
Non-cash charges totaled $1.4 million, consisting of stock-based compensation of $1.6 million, amortization of operating lease right-of-use assets of $0.8 million, an increase in the inventory valuation adjustment of $0.9 million, and depreciation of $0.4 million, partially offset by an increase in deferred tax assets of $1.4 million, and accretion of premium on available-for-sale investments of $0.8 million.
Net cash inflows from changes in operating assets and liabilities totaled $2.5 million, consisting of a $3.3 million decrease in inventory, net of valuation adjustment, as units manufactured during the period and on hand were less than product sales, a $0.8 million increase in accrued liabilities due to the timing of vendor payments, Inflows were partially offset by outflows from a $0.8 million decrease in lease and other liabilities, a $0.4 million increase in prepaid expense and other current asset due to timing of payments and a $0.3 million decrease in account payable due to the timing of the vendor payments.
Investing activities
During the year ended December 31, 2023, cash used in investing activities was $18.2 million, due to a $48.0 million cash outflow used to purchase in debt securities, a $1.7 million in acquisition of business and intangible assets, a $0.3 million cash outflow used to purchase of property and equipment, partially offset by a $31.8 million cash inflow due to proceeds from maturities of debt securities.
Financing activities
During the year ended December 31, 2023, cash used in financing activities was $9.3 million, due to a $9.1 million in payments of dividends in February and July of 2023, and $0.2 million in payments for shares withheld for tax withholdings on vesting of restricted stock units, net of proceeds from the exercise of stock options.
The Company is providing its financial forecast for the year ending December 31, 2024, as follows.
Although the worldwide semiconductor demand is expected to increase in 2024, mainly driven by the spread of AI related products and reduction in excess inventory, we believe the demand in most other sectors may remain flat or increase slightly due to the ongoing excess inventory corrections throughout the year.
We are forecasting $72.2 million of annual revenue for 2024, a 10% increase year over year with current existing products, mainly due to the increase of our market share and the decrease of excess inventory in the automotive market. However, inventory correction in the security surveillance market is expected to continue throughout the year.
During the past quarters, we have developed high-end CMOS image sensor products to compete with the products offered by one of the leading Japanese suppliers. However, we are now temporarily holding the sales promotion due to the current unfavorable exchange rate of U.S. dollar and Japanese yen to us. In order to resume our promotion of this product line, we are currently considering new developments of CMOS image sensor utilizing fabrication facilities in Japan to offset our disadvantage in the currency exchange rate. Since the new development takes more than one year, we believe CMOS image sensor products will not be able to contribute to our revenue in 2024.
On the other hand, our new ISP product developments are progressing well and we expect them contribute to additional revenue in the second half of 2024. We will update the revenue guidance from time to time when these new products are available. We believe that the level of our investment this year for the future products including new ISPs, new door phone
4
products, new TVI standard for Automotive, enhanced LCD controller and the SoC for the electronic mirror will be the highest in the Company’s history. We expect the product tape-out related expense and the intellectual property license fees including the CPU and peripheral IPs to reach up to $5.0 million in 2024 compared to that of $2.5 million in 2023, a significant increase of 100% year over year. We believe the new ISP product line will start generating additional revenue in the second half of the year, and the shipment volume of door phone product should also increase in the same period. We also expect new TVI standard products, enhanced LCD controller and the SoC product will start contributing to revenues from 2025 and on.
Company’s Guidance of 2024 financials
Revenue |
|
$ |
72,206 |
|
Income from operations |
|
|
17,321 |
|
Income before income taxes |
|
|
19,321 |
|
GAAP net income |
|
|
17,196 |
|
Non-GAAP net income |
|
|
18,620 |
|
Non-GAAP Basic EPS |
|
$ |
1.02 |
|
Dividend policy
The Company’s Board of Directors (the “Board”) has adopted a dividend policy to link dividend payments to business performance on an ongoing basis. The amount to be paid in future dividends will be reviewed by the Board, with an aggregate dividend target amount for each fiscal year equal to approximately 50% of the Company’s annual non-GAAP net income for the prior fiscal year. The Company anticipates making payment of future dividends in two installments following its December 31 year end. This policy can be modified or terminated at any time at the discretion of the Board, including the Board’s determination to cease paying dividends in the future. The payments will be made in accordance with and subject to the terms of the Trust Agreement dated August 31, 2017 between the Company; Mizuho Securities Co., Ltd.; Mitsubishi UFJ Trust and Banking Corporation; and The Master Trust Bank of Japan, Ltd., which agreement governs the rights of JDS holders.
2024 dividend
On December 15, 2023, the Company announced a cash dividend of an aggregate of $0.50 per share for fiscal year 2024, payable in two equal installments of $0.25 per share. The first installment of the dividend has been accrued as of December 31, 2023 in the amount of $4.5 million and is payable to stockholders of record as of January 31, 2024. The payment date for the first installment on its shares of common stock (including common stock underlying its JDSs) will be on or around February 15, 2024. The second installment of the dividend is not accrued as of December 31, 2023 because it is anticipated to be paid in the third fiscal quarter of 2024 and the declaration of the second installment is subject to the Board approval and applicable law. The Company intends to provide additional information about the second installment of the dividend in the second fiscal quarter of 2024. The timing for receipt of the dividend payments by individual holders of common stock and JDSs will vary due to the payment process for JDS holders. The amount paid to JDS holders will be reduced by any applicable U.S. withholding income tax, and then converted into Japanese yen. Once the dividend is converted into Japanese yen, a distribution payment fee and any additional local taxes will be paid from the distribution amount. As a result, the net amount of the first dividend installment that is ultimately received by JDS holders will be less than $0.25 per JDS. The Company anticipates that JDS holders will receive the payment of the first installment of the fiscal year 2024 dividend in their accounts in late-March 2024.
None.
5
(Unit: thousands, except share data)
|
|
December 31, 2023 |
|
|
December 31, 2022 |
|
||||||||||
|
|
$ |
|
|
¥ |
|
|
$ |
|
|
¥ |
|
||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
13,671 |
|
|
¥ |
1,938,958 |
|
|
$ |
19,392 |
|
|
¥ |
2,750,367 |
|
Short-term investments |
|
|
51,788 |
|
|
|
7,345,092 |
|
|
|
25,289 |
|
|
|
3,586,739 |
|
Accounts receivable |
|
|
40 |
|
|
|
5,673 |
|
|
|
105 |
|
|
|
14,892 |
|
Inventory, net |
|
|
9,518 |
|
|
|
1,349,938 |
|
|
|
13,709 |
|
|
|
1,944,348 |
|
Prepaid expenses and other current assets |
|
|
939 |
|
|
|
133,178 |
|
|
|
618 |
|
|
|
87,651 |
|
Total current assets |
|
|
75,956 |
|
|
|
10,772,839 |
|
|
|
59,113 |
|
|
|
8,383,997 |
|
Property and equipment, net |
|
|
522 |
|
|
|
74,035 |
|
|
|
634 |
|
|
|
89,920 |
|
Deferred tax assets |
|
|
3,620 |
|
|
|
513,425 |
|
|
|
2,280 |
|
|
|
323,372 |
|
Right-of-use assets |
|
|
1,045 |
|
|
|
148,212 |
|
|
|
983 |
|
|
|
139,419 |
|
Intangible assets, net |
|
|
1,036 |
|
|
|
146,936 |
|
|
|
— |
|
|
|
— |
|
Goodwill |
|
|
891 |
|
|
|
126,371 |
|
|
|
— |
|
|
|
— |
|
Long-term investments |
|
|
500 |
|
|
|
70,915 |
|
|
|
9,737 |
|
|
|
1,380,999 |
|
Other assets |
|
|
237 |
|
|
|
33,614 |
|
|
|
193 |
|
|
|
27,373 |
|
Total assets |
|
$ |
83,807 |
|
|
¥ |
11,886,347 |
|
|
$ |
72,940 |
|
|
¥ |
10,345,080 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Accounts payable |
|
$ |
1,707 |
|
|
¥ |
242,104 |
|
|
$ |
2,100 |
|
|
¥ |
297,844 |
|
Accrued liabilities |
|
|
2,322 |
|
|
|
329,329 |
|
|
|
1,564 |
|
|
|
221,822 |
|
Customer deposits |
|
|
1,448 |
|
|
|
205,370 |
|
|
|
1,545 |
|
|
|
219,127 |
|
Lease liabilities |
|
|
497 |
|
|
|
70,490 |
|
|
|
700 |
|
|
|
99,281 |
|
Dividend payable |
|
|
4,599 |
|
|
|
652,276 |
|
|
|
4,551 |
|
|
|
645,468 |
|
Total current liabilities |
|
|
10,573 |
|
|
|
1,499,569 |
|
|
|
10,460 |
|
|
|
1,483,542 |
|
Other liabilities |
|
|
939 |
|
|
|
133,178 |
|
|
|
404 |
|
|
|
57,299 |
|
Total liabilities |
|
|
11,512 |
|
|
|
1,632,747 |
|
|
|
10,864 |
|
|
|
1,540,841 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Preferred stock, $0.0001 par value per share - 5,000,000 shares authorized as of December 31, 2023 and 2022; nil shares issued and outstanding as of December 31, 2023 and 2022. |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Common stock, $0.0001 par value per share - 75,000,000 shares authorized as of December 31, 2023 and 2022; 18,395,682 and 18,198,737 shares issued and outstanding as of December 31, 2023 and 2022, respectively |
|
|
2 |
|
|
|
284 |
|
|
|
2 |
|
|
|
284 |
|
Additional paid-in capital |
|
|
27,477 |
|
|
|
3,897,063 |
|
|
|
26,046 |
|
|
|
3,694,104 |
|
Accumulated other comprehensive (loss) |
|
|
18 |
|
|
|
2,553 |
|
|
|
(147 |
) |
|
|
(20,849 |
) |
Retained earnings |
|
|
44,798 |
|
|
|
6,353,700 |
|
|
|
36,175 |
|
|
|
5,130,700 |
|
Total stockholders’ equity |
|
|
72,295 |
|
|
|
10,253,600 |
|
|
|
62,076 |
|
|
|
8,804,239 |
|
Total liabilities and stockholders' equity |
|
$ |
83,807 |
|
|
¥ |
11,886,347 |
|
|
$ |
72,940 |
|
|
¥ |
10,345,080 |
|
6
(Unit: thousands, except share and per share data)
|
|
Year Ended December 31, 2023 |
|
|
Year Ended December 31, 2022 |
|
||||||||||
|
|
$ |
|
|
¥ |
|
|
$ |
|
|
¥ |
|
||||
Revenue |
|
$ |
65,645 |
|
|
¥ |
9,310,430 |
|
|
$ |
65,083 |
|
|
¥ |
9,230,722 |
|
Cost of revenue |
|
|
31,027 |
|
|
|
4,400,559 |
|
|
|
29,185 |
|
|
|
4,139,309 |
|
Gross profit |
|
|
34,618 |
|
|
|
4,909,871 |
|
|
|
35,898 |
|
|
|
5,091,413 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development |
|
|
7,180 |
|
|
|
1,018,339 |
|
|
|
7,801 |
|
|
|
1,106,416 |
|
Selling, general and administrative |
|
|
9,413 |
|
|
|
1,335,046 |
|
|
|
8,749 |
|
|
|
1,240,870 |
|
Total operating expenses |
|
|
16,593 |
|
|
|
2,353,385 |
|
|
|
16,550 |
|
|
|
2,347,286 |
|
Income from operations |
|
|
18,025 |
|
|
|
2,556,486 |
|
|
|
19,348 |
|
|
|
2,744,127 |
|
Other income - net |
|
|
2,112 |
|
|
|
299,545 |
|
|
|
246 |
|
|
|
34,890 |
|
Income before income taxes |
|
|
20,137 |
|
|
|
2,856,031 |
|
|
|
19,594 |
|
|
|
2,779,017 |
|
Income taxes |
|
|
2,328 |
|
|
|
330,181 |
|
|
|
1,931 |
|
|
|
273,874 |
|
Net income |
|
$ |
17,809 |
|
|
¥ |
2,525,850 |
|
|
$ |
17,663 |
|
|
¥ |
2,505,143 |
|
Basic |
|
$ |
0.97 |
|
|
¥ |
138 |
|
|
$ |
0.98 |
|
|
¥ |
139 |
|
Diluted |
|
$ |
0.95 |
|
|
¥ |
135 |
|
|
$ |
0.95 |
|
|
¥ |
135 |
|
Weighted-average shares outstanding used in computing net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
18,316,464 |
|
|
|
|
|
|
18,108,369 |
|
|
|
|
||
Diluted |
|
|
18,657,220 |
|
|
|
|
|
|
18,537,316 |
|
|
|
|
||
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income |
|
$ |
17,809 |
|
|
¥ |
2,525,850 |
|
|
$ |
17,663 |
|
|
¥ |
2,505,143 |
|
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Unrealized loss on available-for-sale debt securities, net of tax (expense) benefit of ($44), and $32 for year ended December 31, 2023 and 2022, respectively |
|
|
165 |
|
|
|
23,402 |
|
|
|
(121 |
) |
|
|
(17,161 |
) |
Comprehensive income |
|
$ |
17,974 |
|
|
¥ |
2,549,252 |
|
|
$ |
17,542 |
|
|
¥ |
2,487,982 |
|
7
(Unit: thousands, except share data)
|
|
Common Stock |
|
|
Additional |
|
|
Accumulated |
|
|
Retained |
|
|
Total |
|
|||||||||
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Income (Loss) |
|
|
Earnings |
|
|
Equity |
|
||||||
Balances as of December 31, 2021 |
|
|
17,928,748 |
|
|
$ |
2 |
|
|
$ |
24,251 |
|
|
$ |
(26 |
) |
|
$ |
27,590 |
|
|
$ |
51,817 |
|
|
|
|
|
|
¥ |
284 |
|
|
¥ |
3,439,519 |
|
|
¥ |
(3,688 |
) |
|
¥ |
3,913,090 |
|
|
¥ |
7,349,205 |
|
|
Other comprehensive loss - unrealized loss on available-for-sale Debt securities |
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(121 |
) |
|
$ |
— |
|
|
$ |
(121 |
) |
|
|
|
|
|
¥ |
— |
|
|
¥ |
— |
|
|
¥ |
(17,161 |
) |
|
¥ |
— |
|
|
¥ |
(17,161 |
) |
|
Issuance of common stock upon exercise of stock options and vesting of early exercised options |
|
|
119,455 |
|
|
$ |
— |
|
|
$ |
210 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
210 |
|
|
|
|
|
|
¥ |
— |
|
|
¥ |
29,784 |
|
|
¥ |
— |
|
|
¥ |
— |
|
|
¥ |
29,784 |
|
|
Issuance of common stock upon vesting of restricted stock units |
|
|
173,375 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
¥ |
— |
|
|
¥ |
— |
|
|
¥ |
— |
|
|
¥ |
— |
|
|
¥ |
— |
|
|
Shares repurchased for tax withholdings on vesting of restricted stock units |
|
|
(22,841 |
) |
|
$ |
— |
|
|
$ |
(228 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(228 |
) |
|
|
|
|
|
¥ |
— |
|
|
¥ |
(32,337 |
) |
|
¥ |
— |
|
|
¥ |
— |
|
|
¥ |
(32,337 |
) |
|
Stock-based compensation |
|
|
— |
|
|
$ |
— |
|
|
$ |
1,813 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,813 |
|
|
|
|
|
|
¥ |
— |
|
|
¥ |
257,138 |
|
|
¥ |
— |
|
|
¥ |
— |
|
|
¥ |
257,138 |
|
|
Cash dividends declared ($0.50 per share) |
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(9,078 |
) |
|
$ |
(9,078 |
) |
|
|
|
|
|
¥ |
— |
|
|
¥ |
— |
|
|
¥ |
— |
|
|
¥ |
(1,287,533 |
) |
|
¥ |
(1,287,533 |
) |
|
Net income |
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
17,663 |
|
|
$ |
17,663 |
|
|
|
|
|
|
¥ |
— |
|
|
¥ |
— |
|
|
¥ |
— |
|
|
¥ |
2,505,143 |
|
|
¥ |
2,505,143 |
|
|
Balances as of December 31, 2022 |
|
|
18,198,737 |
|
|
$ |
2 |
|
|
$ |
26,046 |
|
|
$ |
(147 |
) |
|
$ |
36,175 |
|
|
$ |
62,076 |
|
|
|
|
|
|
¥ |
284 |
|
|
¥ |
3,694,104 |
|
|
¥ |
(20,849 |
) |
|
¥ |
5,130,700 |
|
|
¥ |
8,804,239 |
|
|
Other comprehensive income - unrealized gain on available-for-sale debt securities |
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
165 |
|
|
$ |
— |
|
|
$ |
165 |
|
|
|
|
|
|
¥ |
— |
|
|
¥ |
— |
|
|
¥ |
23,402 |
|
|
¥ |
— |
|
|
¥ |
23,402 |
|
|
Issuance of common stock upon exercise of stock options |
|
|
33,540 |
|
|
$ |
— |
|
|
$ |
45 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
45 |
|
|
|
|
|
|
¥ |
— |
|
|
¥ |
6,382 |
|
|
¥ |
— |
|
|
¥ |
— |
|
|
¥ |
6,382 |
|
|
Issuance of common stock upon vesting of restricted stock units |
|
|
186,750 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
¥ |
— |
|
|
¥ |
— |
|
|
¥ |
— |
|
|
¥ |
— |
|
|
¥ |
— |
|
|
Shares repurchased for tax withholdings on vesting of restricted stock units |
|
|
(23,345 |
) |
|
$ |
— |
|
|
$ |
(166 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(166 |
) |
|
|
|
|
|
¥ |
— |
|
|
¥ |
(23,543 |
) |
|
¥ |
— |
|
|
¥ |
— |
|
|
¥ |
(23,543 |
) |
|
Stock-based compensation |
|
|
— |
|
|
$ |
— |
|
|
$ |
1,552 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,552 |
|
|
|
|
|
|
¥ |
— |
|
|
¥ |
220,120 |
|
|
¥ |
— |
|
|
¥ |
— |
|
|
¥ |
220,120 |
|
|
Cash dividends declared ($0.50 per share) |
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(9,186 |
) |
|
$ |
(9,186 |
) |
|
|
|
|
|
¥ |
— |
|
|
¥ |
— |
|
|
¥ |
— |
|
|
¥ |
(1,302,850 |
) |
|
¥ |
(1,302,850 |
) |
|
Net income |
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
17,809 |
|
|
$ |
17,809 |
|
|
|
|
|
|
¥ |
— |
|
|
¥ |
— |
|
|
¥ |
— |
|
|
¥ |
2,525,850 |
|
|
¥ |
2,525,850 |
|
|
Balances as of December 31, 2023 |
|
|
18,395,682 |
|
|
$ |
2 |
|
|
$ |
27,477 |
|
|
$ |
18 |
|
|
$ |
44,798 |
|
|
$ |
72,295 |
|
|
|
|
|
|
¥ |
284 |
|
|
¥ |
3,897,063 |
|
|
¥ |
2,553 |
|
|
¥ |
6,353,700 |
|
|
¥ |
10,253,600 |
|
8
(Unit: thousands, except share data)
|
|
Year Ended December 31, 2023 |
|
|
Year Ended December 31, 2022 |
|
||||||||||
|
|
$ |
|
|
¥ |
|
|
$ |
|
|
¥ |
|
||||
Cash Flows From Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income |
|
$ |
17,809 |
|
|
¥ |
2,525,850 |
|
|
$ |
17,663 |
|
|
¥ |
2,505,143 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
|
419 |
|
|
|
59,427 |
|
|
|
418 |
|
|
|
59,285 |
|
Stock-based compensation |
|
|
1,552 |
|
|
|
220,120 |
|
|
|
1,813 |
|
|
|
257,138 |
|
(Accretion) Amortization of premium on available-for-sale investments |
|
|
(761 |
) |
|
|
(107,933 |
) |
|
|
65 |
|
|
|
9,219 |
|
Inventory valuation adjustment |
|
|
863 |
|
|
|
122,399 |
|
|
|
925 |
|
|
|
131,193 |
|
Deferred income taxes |
|
|
(1,399 |
) |
|
|
(198,420 |
) |
|
|
(1,667 |
) |
|
|
(236,432 |
) |
Noncash lease expense |
|
|
752 |
|
|
|
106,656 |
|
|
|
741 |
|
|
|
105,096 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Accounts receivable |
|
|
84 |
|
|
|
11,914 |
|
|
|
231 |
|
|
|
32,763 |
|
Inventory |
|
|
3,330 |
|
|
|
472,294 |
|
|
|
(1,112 |
) |
|
|
(157,715 |
) |
Prepaid expenses and other current assets |
|
|
(423 |
) |
|
|
(59,994 |
) |
|
|
376 |
|
|
|
53,328 |
|
Other assets |
|
|
(50 |
) |
|
|
(7,092 |
) |
|
|
13 |
|
|
|
1,844 |
|
Accounts payable |
|
|
(348 |
) |
|
|
(49,357 |
) |
|
|
217 |
|
|
|
30,777 |
|
Accrued expenses |
|
|
771 |
|
|
|
109,351 |
|
|
|
(115 |
) |
|
|
(16,310 |
) |
Customer deposits |
|
|
(97 |
) |
|
|
(13,757 |
) |
|
|
770 |
|
|
|
109,209 |
|
Lease liabilities |
|
|
(1,017 |
) |
|
|
(144,240 |
) |
|
|
(175 |
) |
|
|
(24,820 |
) |
Other liabilities |
|
|
235 |
|
|
|
33,330 |
|
|
|
(542 |
) |
|
|
(76,872 |
) |
Net cash provided by operating activities |
|
|
21,720 |
|
|
|
3,080,548 |
|
|
|
19,621 |
|
|
|
2,782,846 |
|
Cash Flows From Investing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Purchase of property and equipment |
|
|
(311 |
) |
|
|
(44,110 |
) |
|
|
(511 |
) |
|
|
(72,475 |
) |
Acquisition of business and intangible assets |
|
|
(1,700 |
) |
|
|
(241,111 |
) |
|
|
— |
|
|
|
— |
|
Purchase of debt securities |
|
|
(47,939 |
) |
|
|
(6,799,188 |
) |
|
|
(33,923 |
) |
|
|
(4,811,299 |
) |
Proceeds from maturities of debt securities |
|
|
31,767 |
|
|
|
4,505,514 |
|
|
|
15,875 |
|
|
|
2,251,551 |
|
Net cash used in investing activities |
|
|
(18,183 |
) |
|
|
(2,578,895 |
) |
|
|
(18,559 |
) |
|
|
(2,632,223 |
) |
Cash Flows From Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Payment of dividends |
|
|
(9,137 |
) |
|
|
(1,295,901 |
) |
|
|
(9,031 |
) |
|
|
(1,280,867 |
) |
Net proceeds from exercise of stock options |
|
|
45 |
|
|
|
6,382 |
|
|
|
210 |
|
|
|
29,784 |
|
Payment for shares withheld for tax withholdings on vesting of restricted stock units |
|
|
(166 |
) |
|
|
(23,543 |
) |
|
|
(228 |
) |
|
|
(32,337 |
) |
Net cash used in financing activities |
|
|
(9,258 |
) |
|
|
(1,313,062 |
) |
|
|
(9,049 |
) |
|
|
(1,283,420 |
) |
Net decrease in cash and cash equivalents |
|
|
(5,721 |
) |
|
|
(811,409 |
) |
|
|
(7,987 |
) |
|
|
(1,132,797 |
) |
Cash and cash equivalents at beginning of period |
|
|
19,392 |
|
|
|
2,750,367 |
|
|
|
27,379 |
|
|
|
3,883,164 |
|
Cash and cash equivalents at end of period |
|
$ |
13,671 |
|
|
¥ |
1,938,958 |
|
|
$ |
19,392 |
|
|
¥ |
2,750,367 |
|
Supplemental Disclosure of Cash Flow Information |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash paid for income taxes |
|
$ |
3,410 |
|
|
¥ |
483,640 |
|
|
$ |
3,345 |
|
|
¥ |
474,421 |
|
Right-of-use assets obtained in exchange for lease liabilities |
|
$ |
814 |
|
|
¥ |
115,450 |
|
|
$ |
715 |
|
|
¥ |
101,408 |
|
Supplemental Disclosure of Noncash Investing and Financing Information |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Property and equipment purchased but not yet paid |
|
$ |
— |
|
|
¥ |
— |
|
|
$ |
58 |
|
|
¥ |
8,226 |
|
Cash dividend declared but not yet paid |
|
$ |
4,599 |
|
|
¥ |
652,276 |
|
|
$ |
4,551 |
|
|
¥ |
645,468 |
|
Indemnification obligation for acquisition of business and intangible assets |
|
$ |
300 |
|
|
¥ |
42,549 |
|
|
$ |
— |
|
|
¥ |
— |
|
9
Going concern
Not applicable.
Basis of consolidation and accounting standards
The Company’s consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, and have been prepared in conformity with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”). All intercompany balances and transactions have been eliminated. The functional currency of each of the Company’s subsidiaries is the U.S. dollar. Foreign currency gains or losses are recorded as other income (expense) in the Consolidated Statements of Operations and Comprehensive Income.
Segment information
The Company’s chief operating decision maker, the chief executive officer, reviews financial information presented on a consolidated basis for purposes of making operating decisions and assessing financial performance on a regular basis. Accordingly, the Company considers itself to be one reportable segment, which is comprised of one operating segment, the designing, marketing and selling of mixed-signal integrated circuits for the security surveillance and automotive markets.
Product revenue from customers is designated based on the geographic region to which the product is delivered. Revenue by geographic region was as follows (in thousands):
|
|
Year Ended |
|
|||||
|
|
December 31, |
|
|||||
|
|
2023 |
|
|
2022 |
|
||
China |
|
$ |
49,060 |
|
|
$ |
45,001 |
|
Taiwan |
|
|
9,034 |
|
|
|
9,503 |
|
South Korea |
|
|
5,614 |
|
|
|
6,533 |
|
Japan |
|
|
1,193 |
|
|
|
2,593 |
|
Other |
|
|
744 |
|
|
|
1,453 |
|
Total revenue |
|
$ |
65,645 |
|
|
$ |
65,083 |
|
Revenue by principal product lines were as follows (in thousands):
|
|
Year Ended |
|
|||||
|
|
December 31, |
|
|||||
|
|
2023 |
|
|
2022 |
|
||
Automotive |
|
$ |
45,169 |
|
|
$ |
38,985 |
|
Security surveillance |
|
|
20,476 |
|
|
|
26,098 |
|
Total revenue |
|
$ |
65,645 |
|
|
$ |
65,083 |
|
10
Net income per share
The following table presents the calculation of basic and diluted net income per share (amounts in thousands, except per share data):
|
|
Year Ended |
|
|||||
|
|
December 31, |
|
|||||
|
|
2023 |
|
|
2022 |
|
||
Numerator: |
|
|
|
|
|
|
||
Basic and diluted: |
|
|
|
|
|
|
||
Net income |
|
$ |
17,809 |
|
|
$ |
17,663 |
|
Denominator: |
|
|
|
|
|
|
||
Basic shares: |
|
|
|
|
|
|
||
Weighted-average shares used in computing basic net income per share |
|
|
18,316,464 |
|
|
|
18,108,369 |
|
Diluted shares: |
|
|
|
|
|
|
||
Effect of potentially dilutive securities: |
|
|
|
|
|
|
||
Stock options and restricted stock units |
|
|
340,756 |
|
|
|
428,947 |
|
Weighted-average shares used in computing diluted net income per share |
|
|
18,657,220 |
|
|
|
18,537,316 |
|
Net income per share: |
|
|
|
|
|
|
||
Basic |
|
$ |
0.97 |
|
|
$ |
0.98 |
|
Diluted |
|
$ |
0.95 |
|
|
$ |
0.95 |
|
Non-GAAP net income (1): |
|
|
|
|
|
|
||
Non-GAAP net income |
|
$ |
19,182 |
|
|
$ |
19,297 |
|
Basic shares: |
|
|
|
|
|
|
||
Weighted-average shares used in computing basic non-GAAP net income per share |
|
|
18,316,464 |
|
|
|
18,108,369 |
|
Non-GAAP net income per share: |
|
|
|
|
|
|
||
Non-GAAP Basic |
|
$ |
1.05 |
|
|
$ |
1.07 |
|
Subsequent events
None.
11
Document and Entity Information |
Feb. 09, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Feb. 09, 2024 |
Entity Registrant Name | Techpoint, Inc. |
Entity Central Index Key | 0001556898 |
Entity Emerging Growth Company | false |
Entity File Number | 000-55843 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 80-0806545 |
Entity Address, Address Line One | 2550 N. First Street |
Entity Address, Address Line Two | #550 |
Entity Address, City or Town | San Jose |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 95131 |
City Area Code | 408 |
Local Phone Number | 324-0588 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Japanese Depositary Shares, each representing one share of Common Stock, $0.0001 par value per share |
Trading Symbol | M-6697 |
Security Exchange Name | NONE |
1 Year Techpoint (PK) Chart |
1 Month Techpoint (PK) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions