Record Automotive and Industrial Product
Revenue Drives Record Gross Margin
Diodes Incorporated (Diodes) (Nasdaq: DIOD) today reported its
financial results for the second quarter ended June 30, 2023.
Second Quarter Highlights
- Revenue was $467.2 million, decreasing 6.8 percent from $501.0
million in the second quarter 2022 and flat with $467.2 million in
the first quarter 2023;
- Automotive and Industrial revenue was a record 48 percent of
total product revenue;
- GAAP gross profit was $195.4 million, decreasing 5.4 percent
from $206.5 million in the second quarter 2022 and up 0.5 percent
from $194.5 million in the first quarter 2023;
- GAAP gross profit margin was a record 41.8 percent, an increase
of 60 basis points from 41.2 percent in the second quarter 2022 and
up 20 basis points compared to 41.6 percent in the first quarter
2023;
- GAAP net income was $82.0 million, compared to $80.2 million in
the second quarter 2022 and $71.2 million in the first quarter
2023;
- Non-GAAP adjusted net income was $73.3 million, compared to
$86.9 million in the second quarter 2022 and $73.4 million in the
first quarter 2023;
- GAAP EPS was $1.77 per diluted share, compared to $1.75 per
diluted share in the second quarter 2022 and $1.54 per diluted
share in the first quarter 2023;
- Non-GAAP EPS was $1.59 per diluted share, compared to $1.90 per
diluted share in the prior year quarter and $1.59 per diluted share
last quarter;
- Excluding $6.0 million, net of tax, of non-cash share-based
compensation expense, both GAAP and non-GAAP earnings per share
would have increased by $0.13 per diluted share;
- EBITDA increased to $133.5 million, or 28.6 percent of revenue,
from $130.6 million, or 26.1 percent of revenue, in the second
quarter 2022 and $121.8 million, or 26.1 percent of revenue, in the
first quarter 2023; and
- Achieved cash flow from operations of $92.6 million and $55.6
million of free cash flow, including $37.0 of capital expenditures.
Net cash flow was a negative $1.2 million, including the pay-down
of $34.4 million of total debt.
Commenting on the results, Dr. Keh-Shew Lu, Chairman, President
and Chief Executive Officer, stated, “Even though the recovery in
the consumer, computing and communications markets was much slower
than expected during the quarter, our achievement of record
automotive and industrial product revenue enabled us to maintain
revenue flat sequentially and in-line with our guidance, while also
delivering record gross margin. This quarter was the sixth
consecutive quarter gross margin was above our target model of 40%,
and the sixth consecutive quarter automotive and industrial
increased as a percentage of revenue.
“Looking forward, we have begun to see early indications of
market improvement with inventory days decreasing in the second
quarter coupled with an increase in worldwide POS revenue. Although
we expect a further reduction in channel inventory into the third
quarter, Diodes’ ongoing strategy to improve sales and product mix,
including growing revenue contribution from the automotive and
industrial markets, positions us to continue achieving our
long-term growth and margin targets.”
Second Quarter 2023
Revenue for second quarter 2023 was $467.2 million, decreasing
6.8 percent from $501.0 million in the second quarter 2022 and flat
with $467.2 million in the first quarter 2023.
GAAP gross profit for the second quarter 2023 was $195.4
million, or 41.8 percent of revenue, compared to $206.5 million, or
41.2 percent of revenue, in the second quarter of 2022 and $194.5
million, or 41.6 percent of revenue, in the first quarter 2023.
GAAP operating expenses for second quarter 2023 were $105.8
million, or 22.7 percent of revenue, and on a non-GAAP basis were
$102.0 million, or 21.8 percent of revenue, which excludes $3.8
million of amortization of acquisition-related intangible asset
expenses. GAAP operating expenses in the second quarter 2022 were
$100.3 million, or 20.0 percent of revenue, and in the first
quarter 2023 were $108.0 million, or 23.1 percent of revenue.
Second quarter 2023 GAAP net income was $82.0 million, or $1.77
per diluted share, compared to GAAP net income in the second
quarter 2022 of $80.2 million, or $1.75 per diluted share, and GAAP
net income of $71.2 million, or $1.54 per diluted share, in the
first quarter 2023.
Second quarter 2023 non-GAAP adjusted net income was $73.3
million, or $1.59 per diluted share, which excluded, net of tax,
$3.1 million of acquisition-related intangible asset costs, an
$11.7 million gain on an equity investment. This compares to
non-GAAP adjusted net income of $86.9 million, or $1.90 per diluted
share, in the second quarter 2022 and $73.4 million, or $1.59 per
diluted share, in the first quarter 2023.
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 June 30, 2023 GAAP net
income
$
82,020
GAAP diluted earnings per share
$
1.77
Adjustments to reconcile net income to non-GAAP net
income: Amortization of acquisition-related
intangible assets
3,091
Officer retirement
(46
)
Non-cash market-to-market investment value
adjustments
(11,732
)
Non-GAAP net income
$
73,333
Non-GAAP diluted earnings per share
$
1.59
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 second quarter 2023 GAAP net income and non-GAAP
adjusted net income was approximately $6.0 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 $0.13 per diluted
share for the second quarter 2023, $0.14 for second quarter 2022
and $0.17 for the first quarter 2023.
EBITDA (a non-GAAP measure), which represents earnings before
net interest expense, income tax, depreciation and amortization, in
second quarter 2023 was $133.5 million, or 28.6 percent of revenue,
increasing from $130.6 million, or 26.1 percent of revenue, in
second quarter 2022 and $121.8 million, or 26.1 percent of revenue,
in first quarter 2023. For a reconciliation of GAAP net income to
EBITDA, see the table near the end of this release for further
details.
For second quarter 2023, net cash provided by operating
activities was $96.2 million. Net cash flow was a negative $1.2
million, which includes the pay-down of $34.4 million of total
debt. Free cash flow (a non-GAAP measure) was $55.6 million, which
includes $37.0 million of capital expenditures.
Balance Sheet
As of June 30, 2023, the Company had approximately $334 million
in cash and cash equivalents, restricted cash, and short-term
investments. Total debt (including long-term and short-term)
amounted to approximately $89 million and working capital was
approximately $747 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 June 30, 2023.
Business Outlook
Dr. Lu concluded, “For the third quarter of 2023, we expect
revenue to be approximately $425 million, plus or minus 3 percent,
as we expect to continue reducing channel inventory due to the
slower recovery in the consumer, computing and communications
markets. GAAP gross margin is expected to decrease sequentially to
40.0 percent, plus or minus 1 percent., primarily due to the impact
of our manufacturing service agreements but remains at our target
model. Non-GAAP operating expenses, which are GAAP operating
expenses adjusted for amortization of acquisition-related
intangible assets, are expected to be approximately 23.0 percent of
revenue, plus or minus 1 percent. We expect net interest expense to
be approximately $1.0 million. Our income tax rate is expected to
be 20.0 percent, plus or minus 3 percent, and shares used to
calculate diluted EPS for the third quarter are anticipated to be
approximately 46.7 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 Tuesday, August 8, 2023 at
4:00 p.m. Central Time (5:00 p.m. Eastern Time) to discuss its
second 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 August 15, 2023 at midnight Central Time. The
replay number is 1-877-344-7529 with a pass code of 9628513.
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 third quarter of
2023, we expect revenue to be approximately $425 million plus or
minus 3 percent; we expect GAAP gross margin to be 40.0 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 23.0 percent of revenue, plus or minus 1 percent; we
expect non-GAAP net interest expense to be approximately $1.0
million; we expect our income tax rate to be 20.0 percent, plus or
minus 3 percent; shares used to calculate diluted EPS for the third
quarter are anticipated to be approximately 46.7 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 Six Months Ended June
30, 2023 June 30, 2023
2023
2022
2023
2022
Net sales
$
467,152
$
500,972
$
934,393
$
983,095
Cost of goods sold
271,776
294,446
544,563
579,872
Gross profit
195,376
206,526
389,830
403,223
Operating expenses Selling, general and
administrative
67,500
69,067
138,491
140,510
Research and development
34,611
30,762
67,843
59,439
Amortization of acquisition-related intangible assets
3,816
3,980
7,668
7,842
Other operating expense (income)
(118
)
(3,521
)
(166
)
(3,864
)
Total operating expense
105,809
100,288
213,836
203,927
Income from operations
89,567
106,238
175,994
199,296
Other (expense) income Interest income
2,224
861
3,996
1,687
Interest expense
(2,189
)
(1,590
)
(4,321
)
(2,704
)
Foreign currency (loss)gain, net
(2,217
)
1,819
(4,110
)
3,540
Unrealized gain(loss) on investments
12,172
(7,764
)
16,061
(13,312
)
Other income
1,398
1,647
1,928
3,523
Total other income (expense)
11,388
(5,027
)
13,554
(7,266
)
Income before income taxes and noncontrolling
interest
100,955
101,211
189,548
192,030
Income tax provision
17,224
18,461
33,840
35,107
Net income
83,731
82,750
155,708
156,923
Less net (income) attributable to noncontrolling interest
(1,711
)
(2,595
)
(2,538
)
(4,077
)
Net income attributable to common stockholders
$
82,020
$
80,155
$
153,170
$
152,846
Earnings per share attributable to common
stockholders: Basic
$
1.79
$
1.77
$
3.35
$
3.38
Diluted
$
1.77
$
1.75
$
3.31
$
3.33
Number of shares used in earnings per share computation:
Basic
45,733
45,265
45,667
45,185
Diluted
46,243
45,841
46,263
45,913
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 June 30, 2023:
OperatingExpenses Other(Income)Expense
Income TaxProvision Net Income Per-GAAP
$
82,020
Diluted earnings per share (per-GAAP)
$
1.77
Adjustments to reconcile net income to non-GAAP net
income: Amortization of acquisition-related
intangible assets
3,817
(726
)
3,091
Officer retirement
(57
)
11
(46
)
Non-cash market-to-market investment value
adjustments
(12,172
)
440
(11,732
)
Non-GAAP
$
73,333
Diluted shares used in computing earnings per share
46,243
Non-GAAP diluted earnings per share
$
1.59
Note: Included in GAAP and non-GAAP net income was
approximately $6.0 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
improved by $0.13 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 June 30, 2022:
OperatingExpenses OtherIncome(Expense)
Income TaxProvision Net Income Per-GAAP
$
80,155
Diluted earnings per share (Per-GAAP)
1.75
Adjustments to reconcile net income to non-GAAP net
income: Amortization of acquisition-related
intangible assets
3,980
(729
)
3,251
Acquisition-related costs
204
(44
)
160
Insurance Recovery for Manufacturing Facility
(3,594
)
719
(2,875
)
Non-cash market-to-market investment value
adjustments
7,764
(1,553
)
6,211
Non-GAAP
$
86,902
Diluted shares used in computing earnings per share
45,841
Non-GAAP diluted earnings per share
$
1.90
Note: Included in GAAP and non-GAAP
adjusted net income was approximately $6.6 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 $0.14 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 six months
ended June 30, 2023:
OperatingExpenses Other(Income)Expense
Income TaxProvision Net Income Per-GAAP
$
153,170
Diluted earnings per share (per-GAAP)
$
3.31
Adjustments to reconcile net income to non-GAAP net
income: Amortization of acquisition-related
intangible assets
7,668
(1,432
)
6,236
Officer retirement
2,788
(558
)
2,230
Non-cash market-to-market investment value
adjustments
(16,061
)
1,257
(14,804
)
Non-GAAP
$
146,832
Diluted shares used in computing earnings per share
46,263
Non-GAAP diluted earnings per share
$
3.17
Note: Included in GAAP and non-GAAP
adjusted net income was approximately $13.7 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 $0.30 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 six months
ended June 30, 2022:
OperatingExpenses OtherIncome(Expense)
Income TaxProvision Net Income Per-GAAP
$
152,846
Diluted earnings per share (Per-GAAP)
3.33
Adjustments to reconcile net income to non-GAAP net
income: Amortization of acquisition-related
intangible assets
7,842
(1,435
)
6,407
Acquisition-related costs
479
(101
)
378
Insurance Recovery for Manufacturing Facility
(3,594
)
719
(2,875
)
Non-cash market-to-market investment value
adjustments
13,312
(2,856
)
10,456
Non-GAAP
$
167,212
Diluted shares used in computing earnings per share
45,913
Non-GAAP diluted earnings per share
$
3.64
Note: Included in GAAP and non-GAAP
adjusted net income was approximately $13.0 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 $0.28 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.
CASH FLOW
ITEMS
Free cash flow (FCF)
(Non-GAAP)
FCF for the second quarter of 2023 is a non-GAAP financial
measure, which is calculated by subtracting capital expenditures
from cash flow from operations. For the second quarter of 2023, FCF
was $55.6 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 Six Months Ended June 30,
2023 June 30, 2023
2023
2022
2023
2022
Net income (per-GAAP)
$
82,020
$
80,155
$
153,170
$
152,846
Plus: Interest expense (income), net
(35
)
729
325
1,017
Income tax provision
17,224
18,461
33,840
35,107
Depreciation and amortization
34,243
31,301
67,896
59,895
EBITDA (non-GAAP)
$
133,452
$
130,646
$
255,231
$
248,865
DIODES INCORPORATED AND
SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE
SHEETS
(in thousands)
June 30, December 31,
2023
2022
(unaudited) (audited)
Assets Current assets: Cash and cash
equivalents
$
321,616
$
336,732
Restricted Cash
3,120
4,367
Short-term investments
9,042
7,059
Accounts receivable, net of allowances of $5,634 and $5,852 atJune
30, 2023 and December 31, 2022, respectively
393,132
369,233
Inventories
325,733
360,281
Prepaid expenses and other
107,746
83,999
Total current assets
1,160,389
1,161,671
Property, plant and equipment, net
748,115
736,730
Deferred income tax
35,354
35,308
Goodwill
146,138
144,757
Intangible assets, net
71,496
79,137
Other long-term assets
179,579
130,709
Total assets
$
2,341,071
$
2,288,312
Liabilities Current liabilities: Line of credit
$
33,729
$
36,280
Accounts payable
152,192
160,442
Accrued liabilities
198,882
214,433
Income tax payable
27,004
19,682
Current portion of long-term debt
1,149
1,693
Total current liabilities
412,956
432,530
Long-term debt, net of current portion
54,575
147,470
Deferred tax liabilities
13,550
12,903
Unrecognized tax benefits
31,594
31,594
Other long-term liabilities
97,818
80,896
Total liabilities
610,493
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; 45,748,940 and 45,469,722, issued and outstanding at
June 30, 2023 and December 31, 2022, respectively
36,690
36,503
Additional paid-in capital
501,302
494,773
Retained earnings
1,601,262
1,448,092
Treasury stock, at cost, 9,283,481 shares held at June 30, 2023 and
9,281,581 shares held at December 31, 2022
(337,670
)
(337,490
)
Accumulated other comprehensive loss
(139,104
)
(128,233
)
Total stockholders' equity
1,662,480
1,513,645
Noncontrolling interest
68,098
69,274
Total equity
1,730,578
1,582,919
Total liabilities and stockholders' equity
$
2,341,071
$
2,288,312
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230807262134/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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