Automotive and Industrial Product Revenue Above
Target Model at 45% Despite Soft 3C Market Demand and Customer
Inventory Rebalancing
Diodes Incorporated (Diodes) (Nasdaq: DIOD) today reported its
financial results for the third quarter ended September 30,
2023.
Third Quarter Highlights
- Revenue was $404.6 million, a decrease of 13.4 percent from
$467.2 million in the second quarter 2023 and 22.4 percent from
$521.3 million in the third quarter 2022;
- GAAP gross profit was $155.9 million, a decrease of 20.2
percent from $195.4 million in the second quarter 2023 and 28.4
percent from $217.8 million in the third quarter 2022;
- GAAP gross profit margin was 38.5 percent, compared to 41.8
percent in the second quarter 2023 and 41.8 percent in the third
quarter 2022;
- GAAP net income was $48.7 million, compared to $82.0 million in
the second quarter 2023 and $86.4 million in the third quarter
2022;
- Non-GAAP adjusted net income was $52.5 million, compared to
$73.3 million in the second quarter 2023 and $92.2 million in the
third quarter 2022;
- GAAP EPS was $1.05 per diluted share, compared to $1.77 per
diluted share in the second quarter 2023 and $1.88 per diluted
share in the third quarter 2022;
- Non-GAAP EPS was $1.13 per diluted share, compared to $1.59 per
diluted share last quarter and $2.00 per diluted share in the prior
year quarter;
- Excluding $4.7 million, net of tax, of non-cash share-based
compensation expense, both GAAP and non-GAAP earnings per share
would have increased by $0.10 per diluted share;
- EBITDA was $90.6 million, or 22.4 percent of revenue, compared
to $133.5 million, or 28.6 percent of revenue, in the second
quarter 2023 and $141.9 million, or 27.2 percent of revenue, in the
third quarter 2022; and
- Achieved cash flow from operations of $50.1 million and $11.6
million of free cash flow, including $38.5 of capital expenditures.
Net cash flow was a negative $27.1 million, including the pay-down
of $35.3 million of total debt.
Commenting on the results, Dr. Keh-Shew Lu, Chairman, President
and Chief Executive Officer, stated, “Third quarter revenue
reflected weaker than expected end customer demand in the consumer,
computing and communications markets as well as the overall Asia
market. Our original assumption of a market recovery did not
materialize during the quarter. Our automotive product revenue in
the third quarter remained at a record 19% of revenue, contributing
to our combined automotive and industrial revenue being 45% of
revenue and above our target model of 40%. However, in the fourth
quarter we expect a broad-based slowdown globally in the industrial
market as well as softness in the automotive market due to customer
inventory adjustments coupled with year-end distributor inventory
management, which is in addition to the ongoing delayed recovery in
the 3C markets. As a result, our outlook for the fourth quarter is
much lower than our typical seasonality.
“Despite the temporarily weaker demand dynamics, we remain
focused on the long-term and our product mix improvement
initiatives as we continue to invest in R&D for new products,
targeting expanded design wins in the automotive and industrial
markets. Additionally, we are further developing the process
technology in our previously acquired fabrication facilities to
build the capability in preparation for the reduction of our wafer
service agreements, while also increasing manufacturing cost
savings across our operations. These steps represent further
enhancements to the actions we’ve taken over the past several
years, which have consistently enabled us to deliver increasing
growth and profitability and will continue to focus on achieving
our next goal of $1 billion in annual gross profit.”
Third Quarter 2023
Revenue for third quarter 2023 was $404.6 million, decreasing
13.4 percent from $467.2 million in the second quarter 2023 and
22.4 percent from $521.3 million in the third quarter 2022.
GAAP gross profit for the third quarter 2023 was $155.9 million,
or 38.5 percent of revenue, due to the impact of the Company’s
wafer service agreements combined with higher facility
underutilization costs due to softer than expected demand in the
quarter. This compares to $195.4 million, or 41.8 percent of
revenue, in the second quarter 2023 and $217.8 million, or 41.8
percent of revenue, in the third quarter of 2022.
GAAP operating expenses for third quarter 2023 were $102.0
million, or 25.2 percent of revenue, and on a non-GAAP basis were
$95.6 million, or 23.7 percent of revenue, which excludes $3.8
million of amortization of acquisition-related intangible asset
expenses and $2.6 million of restructuring costs. GAAP operating
expenses in the second quarter 2023 were $105.8 million, or 22.6
percent of revenue and $105.4 million, or 20.2 percent of revenue,
in the third quarter 2022.
Third quarter 2023 GAAP net income was $48.7 million, or $1.05
per diluted share, compared to GAAP net income $82.0 million, or
$1.77 per diluted share, in the second quarter 2023 and GAAP net
income of $86.4 million, or $1.88 per diluted share in the third
quarter 2022.
Third quarter 2023 non-GAAP adjusted net income was $52.5
million, or $1.13 per diluted share, which excluded, net of tax,
$3.1 million of acquisition-related intangible asset costs, $1.9
million of restructuring costs and a $0.9 million gain on an equity
investment. This compares to non-GAAP adjusted net income of $73.3
million, or $1.59 per diluted share, in the second quarter 2023 and
$92.2 million, or $2.00 per diluted share, in the third quarter
2022.
The following is an unaudited summary reconciliation of GAAP net
income to non-GAAP adjusted net income and per share data, net of
tax (in thousands, except per share data):
Three Months Ended September 30, 2023 GAAP net
income
$
48,720
GAAP diluted earnings per share
$
1.05
Adjustments to reconcile net income to non-GAAP net
income: Amortization of acquisition-related
intangible assets
3,109
Non-cash market-to-market investment value
adjustments
(321
)
Investment gain
(909
)
Restructuring Cost
1,924
Non-GAAP net income
$
52,523
Non-GAAP diluted earnings per share
$
1.13
Note: Throughout this release, we refer to “net income
attributable to common stockholders” as “net income.”
(See the reconciliation tables of GAAP net income to non-GAAP
adjusted net income near the end of this release for further
details.)
Included in third quarter 2023 GAAP net income and non-GAAP
adjusted net income was approximately $4.7 million, net of tax, of
non-cash share-based compensation expense. Excluding share-based
compensation expense, both GAAP earnings per share (“EPS”) and
non-GAAP adjusted EPS would have increased by $0.10 per diluted
share for the third quarter 2023, $0.13 for the second quarter 2023
and $0.18 for third quarter 2022.
EBITDA (a non-GAAP measure), which represents earnings before
net interest expense, income tax, depreciation and amortization, in
third quarter 2023 was $90.6 million, or 22.4 percent of revenue,
compared to $133.5 million, or 28.6 percent of revenue, in second
quarter 2023 and $141.9 million, or 27.2 percent of revenue, in
third quarter 2022. For a reconciliation of GAAP net income to
EBITDA, see the table near the end of this release for further
details.
For third quarter 2023, net cash provided by operating
activities was $50.1 million. Net cash flow was a negative $27.1
million, which includes the pay-down of $35.3 million of total
debt. Free cash flow (a non-GAAP measure) was $11.6 million, which
includes $38.5 million of capital expenditures.
Balance Sheet
As of September 30, 2023, the Company had approximately $308
million in cash and cash equivalents, restricted cash, and
short-term investments. Total debt (including long-term and
short-term) amounted to approximately $53 million and working
capital was approximately $768 million.
The results announced today are preliminary and unaudited, as
they are subject to the Company finalizing its closing procedures
and completion of the quarterly review by its independent
registered public accounting firm. As such, these results are
subject to revision until the Company files its Form 10-Q for the
quarter ending September 30, 2023.
Business Outlook
Dr. Lu concluded, “For the fourth quarter of 2023, we expect
revenue to be approximately $325 million, plus or minus 3 percent.
GAAP gross margin is expected to be 35.0 percent, plus or minus 1
percent, primarily due to higher underutilization costs on the
lower expected revenue combined with less favorable product mix
from a reduced contribution of automotive and industrial revenue.
Non-GAAP operating expenses, which are GAAP operating expenses
adjusted for amortization of acquisition-related intangible assets,
are expected to be approximately 26.5 percent of revenue, plus or
minus 1 percent. We expect net interest income to be approximately
$2.0 million. Our income tax rate is expected to be 18 percent,
plus or minus 3 percent, and shares used to calculate diluted EPS
for the fourth quarter are anticipated to be approximately 46.6
million.”
Amortization of acquisition-related intangible assets of $3.1
million, after tax, for previous acquisitions is not included in
these non-GAAP estimates.
Conference Call
Diodes will host a conference call on Wednesday, November 8,
2023 at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) to discuss
its third quarter financial results. Investors and analysts may
join the conference call by dialing 1-833-634-2590, and
international callers may join the teleconference by dialing
+1-412-317-6038. A telephone replay of the call will be made
available approximately two hours after the call and will remain
available until November 15, 2023 at midnight Central Time. The
replay number is 1-877-344-7529 with a pass code of 4599148.
International callers should dial +1-412-317-0088 and enter the
same pass code at the prompt.
Additionally, this conference call will be broadcast live over
the Internet and can be accessed by all interested parties on the
Investors’ section of Diodes' website at
https://investor.diodes.com. To listen to the live call, please go
to the investors’ section of Diodes’ website and click on the
conference call link at least 15 minutes prior to the start of the
call to register, download and install any necessary audio
software. For those unable to participate during the live
broadcast, a replay will be available shortly after the call on
Diodes' website for approximately 90 days.
About Diodes Incorporated
Diodes Incorporated (Nasdaq: DIOD), a Standard and Poor’s
SmallCap 600 and Russell 3000 Index company, delivers high-quality
semiconductor products to the world’s leading companies in the
automotive, industrial, computing, consumer electronics, and
communications markets. We leverage our expanded product portfolio
of discrete, analog, and mixed-signal products and leading-edge
packaging technology to meet customers’ needs. Our broad range of
application-specific solutions and solutions-focused sales, coupled
with worldwide operations of 32 sites, including engineering,
testing, manufacturing, and customer service, enables us to be a
premier provider for high-volume, high-growth markets. For more
information visit www.diodes.com.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995: Any statements set forth above that are not
historical facts are forward-looking statements that involve risks
and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. Such
statements include statements containing forward-looking words such
as “expect,” “anticipate,” “aim,” “estimate,” and variations
thereof, including without limitation statements, whether direct or
implied, regarding expectations of that for the fourth quarter of
2023, we expect revenue to be approximately $325 million plus or
minus 3 percent; we expect GAAP gross margin to be 35.0 percent,
plus or minus 1 percent; non-GAAP operating expenses, which are
GAAP operating expenses adjusted for amortization of
acquisition-related intangible assets, are expected to be
approximately 26.5 percent of revenue, plus or minus 1 percent; we
expect net interest income to be approximately $2.0 million; we
expect our income tax rate to be 18 percent, plus or minus 3
percent; shares used to calculate diluted EPS for the fourth
quarter are anticipated to be approximately 46.6 million. Potential
risks and uncertainties include, but are not limited to, such
factors as: the risk that the COVID-19 pandemic may continue and
have a material adverse effect on customer demand and staffing of
our production, sales and administration facilities; the risk that
such expectations may not be met; the risk that the expected
benefits of acquisitions may not be realized or that integration of
acquired businesses may not continue as rapidly as we anticipate;
the risk that the cost, expense, and diversion of management
attention associated with the LSC acquisition may be greater than
we currently expect; the risk that we may not be able to maintain
our current growth strategy or continue to maintain our current
performance, costs, and loadings in our manufacturing facilities;
the risk that we may not be able to increase our automotive,
industrial, or other revenue and market share; risks of domestic
and foreign operations, including excessive operating costs, labor
shortages, higher tax rates, and our joint venture prospects; the
risks of cyclical downturns in the semiconductor industry and of
changes in end-market demand or product mix that may affect gross
margin or render inventory obsolete; the risk of unfavorable
currency exchange rates; the risk that our future outlook or
guidance may be incorrect; the risks of global economic weakness or
instability in global financial markets; the risks of trade
restrictions, tariffs, or embargoes; the risk that the coronavirus
outbreak or other similar epidemics may harm our domestic or
international business operations to a greater extent than we
currently anticipate; the risk of breaches of our information
technology systems; and other information, including the “Risk
Factors” detailed from time to time in Diodes’ filings with the
United States Securities and Exchange Commission.
The Diodes logo is a registered trademark of Diodes Incorporated
in the United States and other countries.
© 2023 Diodes Incorporated. All Rights Reserved
DIODES INCORPORATED AND
SUBSIDIARIES
CONSOLIDATED CONDENSED
STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share
data)
Three Months Ended
Nine Months Ended
September 30, 2023
September 30, 2023
2023
2022
2023
2022
Net sales
$
404,647
$
521,273
$
1,339,040
$
1,504,368
Cost of goods sold
248,771
303,455
793,334
883,327
Gross profit
155,876
217,818
545,706
621,041
Operating expenses Selling, general and
administrative
62,964
68,545
201,455
209,055
Research and development
34,068
32,787
101,911
92,226
Amortization of acquisition-related intangible assets
3,808
3,938
11,476
11,780
Restructuring cost
2,566
-
2,566
-
Other operating (income) expense
(1,404
)
102
(1,570
)
(3,762
)
Total operating expense
102,002
105,372
315,838
309,299
Income from operations
53,874
112,446
229,868
311,742
Other (expense) income Interest income
4,507
862
8,503
2,549
Interest expense
(898
)
(2,724
)
(5,219
)
(5,428
)
Foreign currency gain(loss), net
1,314
(1,008
)
(2,796
)
2,532
Unrealized gain(loss) on investments
401
(2,648
)
16,462
(15,960
)
Other income
1,309
2,218
3,237
5,741
Total other income (expense)
6,633
(3,300
)
20,187
(10,566
)
Income before income taxes and noncontrolling
interest
60,507
109,146
250,055
301,176
Income tax provision
10,674
20,172
44,514
55,279
Net income
49,833
88,974
205,541
245,897
Less net (income) attributable to noncontrolling interest
(1,113
)
(2,588
)
(3,651
)
(6,665
)
Net income attributable to common stockholders
$
48,720
$
86,386
$
201,890
$
239,232
Earnings per share attributable to common
stockholders: Basic
$
1.06
$
1.90
$
4.41
$
5.28
Diluted
$
1.05
$
1.88
$
4.36
$
5.21
Number of shares used in earnings per share computation:
Basic
45,936
45,475
45,758
45,283
Diluted
46,320
46,014
46,296
45,938
Note: Throughout this release, we refer to “net
income attributable to common stockholders” as “net income.”
DIODES INCORPORATED AND
SUBSIDIARIES
RECONCILIATION OF NET INCOME
TO ADJUSTED NET INCOME
(in thousands, except per share
data)
(unaudited)
For the three months
ended September 30, 2023:
OperatingExpenses Other(Income)Expense
Income TaxProvision Net Income Per-GAAP
$
48,720
Diluted earnings per share (per-GAAP)
$
1.05
Adjustments to reconcile net income to non-GAAP net
income: Amortization of acquisition-related
intangible assets
3,807
(698)
3,109
Non-cash market-to-market investment value
adjustments
(401)
80
(321)
Investment gain
(1,136)
227
(909)
Restructuring Cost
2,566
(642)
1,924
Non-GAAP
$
52,523
Diluted shares used in computing earnings per share
46,320
Non-GAAP diluted earnings per share
$
1.13
Note: Included in GAAP and non-GAAP net income was approximately
$4.7 million, net of tax, non-cash share-based compensation
expense. Excluding share-based compensation expense, both GAAP and
non-GAAP diluted earnings per share would have increased by $0.10
per share.
DIODES INCORPORATED AND
SUBSIDIARIES
CONSOLIDATED RECONCILIATION OF
NET INCOME TO ADJUSTED NET INCOME – Cont.
(in thousands, except per share
data)
(unaudited)
For the three months
ended September 30, 2022:
OperatingExpenses OtherIncome(Expense)
Income TaxProvision Net Income Per-GAAP
$
86,386
Diluted earnings per share (Per-GAAP)
1.88
Adjustments to reconcile net income to non-GAAP net
income: Amortization of acquisition-related
intangible assets
3,939
(721)
3,218
Acquisition-related costs
128
(27)
101
Gain on sale of manufacturing facilities
413
(62)
351
Non-cash mark-to-market investment adjustments
2,649
(530)
2,119
Non-GAAP
$
92,175
Diluted shares used in computing earnings per share
46,014
Non-GAAP diluted earnings per share
$
2.00
Note: Included in GAAP and non-GAAP adjusted net income was
approximately $8.1 million, net of tax, non-cash share-based
compensation expense. Excluding share-based compensation expense,
both GAAP and non-GAAP adjusted diluted earnings per share would
have increased by $0.18 per share.
DIODES INCORPORATED AND
SUBSIDIARIES
CONSOLIDATED RECONCILIATION OF
NET INCOME TO ADJUSTED NET INCOME – Cont.
(in thousands, except per share
data)
(unaudited)
For the nine months
ended September 30, 2023:
OperatingExpenses Other(Income)Expense
Income TaxProvision Net Income Per-GAAP
$
201,890
Diluted earnings per share (per-GAAP)
$
4.36
Adjustments to reconcile net income to non-GAAP net income:
Amortization of acquisition-related intangible assets
11,476
(2,105)
9,371
Officer retirement
2,788
(571)
2,217
Non-cash market-to-market investment value adjustments
(16,463)
1,329
(15,134)
Investment gain
(1,136)
227
(909)
Restructuring Cost
2,566
(642)
1,924
Non-GAAP
$
199,359
Diluted shares used in computing earnings per share
46,296
Non-GAAP diluted earnings per share
$
4.31
Note: Included in GAAP and non-GAAP adjusted net income was
approximately $18.5 million, net of tax, non-cash share-based
compensation expense. Excluding share-based compensation expense,
both GAAP and non-GAAP adjusted diluted earnings per share would
have improved by $0.40 per share.
DIODES INCORPORATED AND
SUBSIDIARIES
CONSOLIDATED RECONCILIATION OF
NET INCOME TO ADJUSTED NET INCOME – Cont.
(in thousands, except per share
data)
(unaudited)
For the nine months
ended September 30, 2022:
OperatingExpenses OtherIncome(Expense)
IncomeTaxProvision Net Income Per-GAAP
$
239,232
Diluted earnings per share (Per-GAAP)
5.21
Adjustments to reconcile net income to non-GAAP net
income: Amortization of acquisition-related
intangible assets
11,780
(721
)
11,059
Acquisition-related costs
607
(127
)
480
Insurance recovery for manufacturing facility
(3,594
)
719
(2,875
)
Gain on sale of manufacturing facilities
413
(62
)
351
Non-cash mark-to-market investment adjustments
15,960
(3,386
)
12,574
Non-GAAP
$
260,821
Diluted shares used in computing earnings per share
45,938
Non-GAAP diluted earnings per share
$
5.68
Note: Included in GAAP and non-GAAP adjusted net income was
approximately $21.1 million, net of tax, non-cash share-based
compensation expense. Excluding share-based compensation expense,
both GAAP and non-GAAP adjusted diluted earnings per share would
have improved by $0.46 per share.
ADJUSTED NET INCOME
AND ADJUSTED EARNINGS PER SHARE
The Company’s financial statements present net income and
earnings per share that are calculated using accounting principles
generally accepted in the United States (“GAAP”). The Company’s
management makes adjustments to the GAAP measures that it feels are
necessary to allow investors and other readers of the Company’s
financial releases to view the Company’s operating results as
viewed by the Company’s management, board of directors and research
analysts in the semiconductor industry. These non-GAAP measures are
not prepared in accordance with, and should not be considered
alternatives or necessarily superior to, GAAP financial data and
may be different from non-GAAP measures used by other companies.
Because non-GAAP financial measures are not standardized, it may
not be possible to compare these financial measures with other
companies’ non-GAAP financial measures, even if they have similar
names. The explanation of the adjustments made in the table above,
are set forth below:
Detail of non-GAAP adjustments:
Amortization of acquisition-related
intangible assets – The Company excluded this item,
including amortization of developed technologies and customer
relationships. The fair value of the acquisition-related intangible
assets is amortized using straight-line methods which approximate
the proportion of future cash flows estimated to be generated each
period over the estimated useful life of the applicable assets. The
Company believes that exclusion of this item is appropriate because
a significant portion of the purchase price for its acquisitions
was allocated to the intangible assets that have short lives and
exclusion of the amortization expense allows comparisons of
operating results that are consistent over time for both the
Company’s newly acquired and long-held businesses. In addition, the
Company excluded this item because there is significant variability
and unpredictability among companies with respect to this
expense.
Acquisition related costs –
The Company excluded expenses associated with previous acquisitions
of that typically consist of advisory, legal and other professional
and consulting fees. These costs were expensed as they were
incurred and as services were received, and in which the
corresponding tax adjustments were made for the non-deductible
portions of these expenses. The Company believes the exclusion of
the acquisition related costs provides investors with a more
accurate reflection of costs likely to be incurred in the absence
of an unusual event such as an acquisition and facilitates
comparisons with the results of other periods that may not reflect
such costs.
Officer retirement – The
Company excluded costs related to the retirement of two executives.
These costs represent cash payments and the accelerated vesting of
previously issued stock awards. The Company feels it is appropriate
to exclude these costs since they don’t represent ongoing operating
expenses and will present investors with a more accurate indication
of our continuing operations.
Non-cash mark-to-market investment
value adjustments – The Company excluded market to
market adjustments on various equity related investments. The
Company believes this is not reflective of the ongoing operations
and exclusion of this provides investors an enhanced view of the
Company’s operating results.
Insurance Recovery for Manufacturing
Facility – The Company has recorded gains related to
insurance recovery for a manufacturing facility in Asia. The
Company believes the exclusion of the insurance recovery provides
investors with a more accurate reflection of the continuing
operations of the Company and facilitates comparisons with the
results of other periods which may not reflect such gains.
Investment gain – The
Company excluded the gain realized on the sale of an equity
investment. The Company believes this is not reflective of the
ongoing operations and exclusion of this item provides investors an
enhanced view of the Company’s operating results.
CASH FLOW
ITEMS
Free cash flow (FCF)
(Non-GAAP)
FCF for the third quarter of 2023 is a non-GAAP financial
measure, which is calculated by subtracting capital expenditures
from cash flow from operations. For the third quarter of 2023, FCF
was $11.6 million, which represents the cash and cash equivalents
that we are able to generate after taking into account cash outlays
required to maintain or expand property, plant and equipment. FCF
is important because it allows us to pursue opportunities to
develop new products, make acquisitions and reduce debt.
CONSOLIDATED
RECONCILIATION OF NET INCOME TO EBITDA
EBITDA represents earnings before net interest expense, income
tax provision, depreciation and amortization. Management believes
EBITDA is useful to investors because it is frequently used by
securities analysts, investors and other interested parties, such
as financial institutions in extending credit, in evaluating
companies in our industry and provides further clarity on our
profitability. In addition, management uses EBITDA, along with
other GAAP and non-GAAP measures, in evaluating our operating
performance compared to that of other companies in our industry.
The calculation of EBITDA generally eliminates the effects of
financing, operating in different income tax jurisdictions, and
accounting effects of capital spending, including the impact of our
asset base, which can differ depending on the book value of assets
and the accounting methods used to compute depreciation and
amortization expense. EBITDA is not a recognized measurement under
GAAP, and when analyzing our operating performance, investors
should use EBITDA in addition to, and not as an alternative for,
income from operations and net income, each as determined in
accordance with GAAP. Because not all companies use identical
calculations, our presentation of EBITDA may not be comparable to
similarly titled measures used by other companies. For example, our
EBITDA takes into account all net interest expense, income tax
provision, depreciation and amortization without taking into
account any amounts attributable to noncontrolling interest.
Furthermore, EBITDA is not intended to be a measure of free cash
flow for management’s discretionary use, as it does not consider
certain cash requirements such as tax and debt service
payments.
The following table provides a reconciliation of net income to
EBITDA (in thousands, unaudited):
Three Months Ended
Nine Months Ended
September 30, 2023
September 30, 2023
2023
2022
2023
2022
Net income (per-GAAP)
$
48,720
$
86,386
$
201,890
$
239,232
Plus: Interest expense (income), net
(3,609
)
1,862
(3,284
)
2,879
Income tax provision
10,674
20,172
44,514
55,279
Depreciation and amortization
34,827
33,518
102,723
93,413
EBITDA (non-GAAP)
$
90,612
$
141,938
$
345,843
$
390,803
DIODES INCORPORATED AND
SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE
SHEETS
(in thousands)
September 30,
December 31,
2023
2022
(unaudited)
(audited)
Assets Current assets: Cash and cash equivalents
$
295,045
$
336,732
Restricted Cash
2,592
4,367
Short-term investments
9,872
7,059
Accounts receivable, net of allowances of $4,686 and $5,852
atSeptember 30, 2023 and December 31, 2022, respectively
414,188
369,233
Inventories
343,694
360,281
Prepaid expenses and other
117,191
83,999
Total current assets
1,182,582
1,161,671
Property, plant and equipment, net
736,126
736,730
Deferred income tax
35,788
35,308
Goodwill
143,745
144,757
Intangible assets, net
67,445
79,137
Other long-term assets
174,536
130,709
Total assets
$
2,340,222
$
2,288,312
Liabilities Current liabilities: Line of credit
$
29,429
$
36,280
Accounts payable
161,079
160,442
Accrued liabilities
193,383
214,433
Income tax payable
29,892
19,682
Current portion of long-term debt
1,124
1,693
Total current liabilities
414,907
432,530
Long-term debt, net of current portion
22,645
147,470
Deferred tax liabilities
12,982
12,903
Unrecognized tax benefits
31,595
31,594
Other long-term liabilities
99,210
80,896
Total liabilities
581,339
705,393
Commitments and contingencies
Stockholders'
equity Preferred stock - par value $1.00 per share; 1,000,000
shares authorized; no shares issued or outstanding
-
-
Common stock - par value $0.66 2/3 per share; 70,000,000 shares
authorized; 45,936,090 and 45,469,722, issued and outstanding at
September 30, 2023 and December 31, 2022, respectively
36,817
36,503
Additional paid-in capital
502,482
494,773
Retained earnings
1,649,982
1,448,092
Treasury stock, at cost, 9,286,862 shares held at September 30,
2023 and 9,281,581 shares held at December 31, 2022
(337,986
)
(337,490
)
Accumulated other comprehensive loss
(161,633
)
(128,233
)
Total stockholders' equity
1,689,662
1,513,645
Noncontrolling interest
69,221
69,274
Total equity
1,758,883
1,582,919
Total liabilities and stockholders' equity
$
2,340,222
$
2,288,312
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231108197285/en/
Company Contact: Diodes Incorporated Gurmeet Dhaliwal
Director, IR & Corporate Marketing P: 408-232-9003 E:
Gurmeet_Dhaliwal@diodes.com
Investor Relations Contact: Shelton Group Leanne Sievers
President, Investor Relations P: 949-388-0648 E:
lsievers@sheltongroup.com
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