Diodes Incorporated Reports Fourth Quarter and Fiscal 2017 Financial Results

         
DIODES INCORPORATED AND SUBSIDIARIES
RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME

(in thousands, except per share data)

(unaudited)

 

For the three months ended December 31, 2017:

 

 

COGS

Operating
Expenses

Income Tax
Provision

Net Income
 
Per-GAAP $ (30,651 )
 
Loss per share (Per-GAAP)
Diluted $ (0.62 )
 
Adjustments to reconcile net loss to non-GAAP net income:
 
M&A
 
Pericom 2,530
 
Amortization of acquisition-related intangible assets 3,086 (556 )
 
KFAB 2,554
 
Restructuring 4,029 (1,410 )
 
Impairment of fixed assets - (125 ) 44
 
Loss on sale of assets 25 (9 )
 
Others 47,177
 
Amortization of acquisition-related intangible assets 1,614 (345 )
 
Impact of Tax Cuts And Jobs Act 45,908
 
Non-GAAP $ 21,610  
 
Diluted shares used in computing earnings per share   50,926  
 
Non-GAAP earnings per share
Diluted $ 0.42  
 
Note: Included in GAAP and non-GAAP net income was approximately $3.0 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 $0.06 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 December 31, 2016:

 

Operating
Expenses

Income Tax
Provision

Net Income
 
Per-GAAP $ 1,268
 
Earnings per share (Per-GAAP)
Diluted $ 0.03
 
Adjustments to reconcile net income to non-GAAP net income:
 
M&A Activities
 
Pericom 2,900
 
Retention costs 274 (95 )
 
Amortization of acquisition-related intangible assets 3,319 (598 )
 
Others 1,410
 
Amortization of acquisition-related intangible assets 1,779 (369 )
 
Impairment of non-operating investment 3,218 (1,126 )   2,092
 
Non-GAAP $ 7,670
 
Diluted shares used in computing earnings per share   50,038
 
Non-GAAP earnings per share
Diluted $ 0.15
 
Note: Included in GAAP and non-GAAP adjusted net income was approximately $0.8 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 $0.02 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 twelve months ended December 31, 2017:

 
COGS

Operating
Expenses

Income Tax
Provision

Net Income
 
Per-GAAP $ (1,805 )
 
Loss per share (Per-GAAP)
Diluted $ (0.04 )
 
Adjustments to reconcile net loss to non-GAAP net income:
 
M&A
 
Pericom 10,282
 
Retention costs 353 (124 )
 
Amortization of acquisition-related intangible assets 12,260 (2,207 )
 
KFAB 9,588
 
Restructuring 10,137 (3,548 )
 
Shut-down related costs 2,722 (953 )
 
Impairment of fixed assets 1,868 (654 )
 
Loss on sale of assets 25 (9 )
 
Others 51,056
 
Amortization of acquisition-related intangible assets 6,538 (1,390 )
 
Impact of Tax Cuts And Jobs Act 45,908
 
Non-GAAP $ 69,121  
 
Diluted shares used in computing earnings per share   50,340  
 
Non-GAAP earnings per share
Diluted $ 1.37  
 
Note: Included in GAAP and non-GAAP adjusted net income was approximately $12.1 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 $0.24 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 twelve months ended December 31, 2016:

 
COGS

Operating
Expenses

Income Tax
Provision

Net Income
 
Per-GAAP $ 15,935
 
Earnings per share (Per-GAAP)
Diluted $ 0.32
 
Adjustments to reconcile net income to non-GAAP net income:
 
M&A Activities
 
Pericom 14,618
 
Inventory adjustment 3,060 (153 )
 
Transaction costs 280 (98 )
 
Retention costs 1,464 (512 )
 
Amortization of acquisition-related intangible assets 13,243 (2,384 )
 
Employee award costs (404 ) 122
 
Others 5,736
 
Amortization of acquisition-related intangible assets 7,235 (1,499 )
 
Impairment of non-operating investment 3,218 (1,126 )   2,092
 
Non-GAAP $ 38,381
 
Diluted shares used in computing earnings per share   49,789
 
Non-GAAP earnings per share
Diluted $ 0.77
 
Note: Included in GAAP and non-GAAP adjusted net income was approximately $9.1 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 $0.18 per share.
 

ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE

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