ASRock Industrial Computer (3515) Q1 2023 earnings summary

Executive summary

• Q1 2023 revenue was NTD 4,395,071 thousand vs NTD 5,038,348 thousand; net income was NTD 107,968 thousand vs NTD 648,627 thousand.

• Review conclusion was qualified because certain insignificant subsidiaries’ financial statements and related information were not independently reviewed.

Financial highlights

• Gross profit was NTD 730,226 thousand vs NTD 1,370,142 thousand; gross margin was 17% vs 27%.

• Operating expenses were NTD 579,361 thousand vs NTD 684,292 thousand; operating income was NTD 150,865 thousand vs NTD 685,850 thousand.

• Pretax income was NTD 158,009 thousand vs NTD 784,910 thousand.

• Basic EPS was NTD 1.03 vs NTD 5.00; diluted EPS was NTD 1.02 vs NTD 4.97.

• Net margin was 2% vs 13%; operating margin was 3% vs 14%, and ROE was 2% vs 8%.

Key financial ratios and metrics

• Cash and cash equivalents were NTD 2,554,967 thousand at Mar. 31, 2023, down from NTD 3,588,129 thousand at Dec. 31, 2022; total assets were NTD 13,826,518 thousand.

• Total liabilities were NTD 5,821,052 thousand and total equity was NTD 8,005,466 thousand at Mar. 31, 2023.