Diodes Incorporated Reports Second Quarter Financial Results

DIODES INCORPORATED AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share data)

Three Months Ended

 

 

Six Months Ended

June 30, 2019

 

 

June 30, 2019

 

2019

 

 

 

2018

 

 

 

 

2019

 

 

 

2018

 

Net sales

$

322,006

 

$

304,085

 

$

624,299

 

$

578,597

 

Cost of goods sold

 

200,018

 

 

196,817

 

 

389,900

 

 

372,734

 

Gross profit

 

121,988

 

 

107,268

 

 

234,399

 

 

205,863

 

 
Operating expenses
Selling, general and administrative

 

47,333

 

 

42,153

 

 

91,021

 

 

89,303

 

Research and development

 

21,707

 

 

22,050

 

 

43,877

 

 

42,250

 

Amortization of acquisition related intangible assets

 

4,536

 

 

4,678

 

 

9,020

 

 

9,445

 

Other operating (income) expense

 

(104

)

 

534

 

 

(158

)

 

81

 

Total operating expense

 

73,472

 

 

69,424

 

 

143,760

 

 

141,079

 

 
Income from operations

 

48,516

 

 

37,844

 

 

90,639

 

 

64,784

 

 
Other income (expense)
Interest income

 

633

 

 

443

 

 

1,508

 

 

957

 

Interest expense

 

(2,011

)

 

(2,544

)

 

(4,156

)

 

(5,301

)

Foreign currency loss, net

 

(496

)

 

300

 

 

(560

)

 

(2,729

)

Other income

 

1,235

 

 

377

 

 

2,480

 

 

5,012

 

Total other expense

 

(639

)

 

(1,424

)

 

(728

)

 

(2,061

)

 
Income before income taxes and noncontrolling interest

 

47,877

 

 

36,420

 

 

89,911

 

 

62,723

 

Income tax provision

 

11,174

 

 

10,753

 

 

21,472

 

 

18,536

 

Net income

 

36,703

 

 

25,667

 

 

68,439

 

 

44,187

 

Less net (income) loss attributable to noncontrolling interest

 

(419

)

 

(599

)

 

(439

)

 

(593

)

Net income attributable to common stockholders

$

36,284

 

$

25,068

 

$

68,000

 

$

43,594

 

 
Earnings per share attributable to common stockholders:
Basic

$

0.72

 

$

0.50

 

$

1.35

 

$

0.88

 

Diluted

$

0.70

 

$

0.49

 

$

1.32

 

$

0.86

 

Number of shares used in earnings per share computation:
Basic

 

50,658

 

 

49,680

 

 

50,529

 

 

49,509

 

Diluted

 

51,620

 

 

50,792

 

 

51,566

 

 

50,727

 

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, 2019:

Operating
Expenses

Income Tax
Provision

Net Income

Per-GAAP

$

36,284

 
Diluted earnings per share (Per-GAAP)

$

0.70

 
Adjustments to reconcile net income to non-GAAP net income:
 
Amortization of acquisition-related intangible assets

4,536

(820

)

 

3,716

 
Non-GAAP

$

40,000

 
Diluted shares used in computing earnings per share

 

51,620

 
Non-GAAP diluted earnings per share

$

0.77

Note: Included in GAAP and non-GAAP net income was approximately $4.2 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 $0.08 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, 2018:

Operating
Expenses

Income Tax
Provision

Net Income

 
Per-GAAP

$

25,068

 
Earnings per share (Per-GAAP)
Diluted

$

0.49

 
Adjustments to reconcile net income to non-GAAP net income:
 
M&A
 
Pericom

 

2,604

 
Amortization of acquisition-related intangible assets

3,175

(571

)

 
KFAB

 

447

 
Restructuring

526

(79

)

 
Others

 

1,228

 
Amortization of acquisition-related intangible assets

1,503

(275

)

 
Non-GAAP

$

29,347

 
Diluted shares used in computing earnings per share

 

50,792

 
Non-GAAP earnings per share
Diluted

$

0.58

Note: Included in GAAP and non-GAAP adjusted net income was approximately $3.8 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 $0.07 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, 2019:

Operating
Expenses

Income Tax
Provision

Net Income

Per-GAAP

$

68,000

 
Diluted earnings per share (Per-GAAP)

$

1.32

 
Adjustments to reconcile net income to non-GAAP net income:
 
Amortization of acquisition-related intangible assets

9,020

(1,630

)

 

7,390

 
Non-GAAP

$

75,390

 
Diluted shares used in computing earnings per share

 

51,566

 
Non-GAAP diluted earnings per share

$

1.46

Note: Included in GAAP and non-GAAP adjusted net income was approximately $7.7 million, net of tax, non-cash share-based compensation expense, excluding officer severance. Excluding share-based compensation expense, both GAAP and non-GAAP adjusted diluted earnings per share would have improved by $0.15 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, 2018:

Operating
Expenses

Income Tax
Provision

Net Income

 
Per-GAAP

$

43,594

 
Earnings per share (Per-GAAP)
Diluted

$

0.86

 
Adjustments to reconcile net income to non-GAAP net income:
 
M&A
 
Pericom

 

5,178

 
Amortization of acquisition-related intangible assets

6,314

(1,136

)

 
KFAB

 

194

 
Restructuring

206

(12

)

 
Others

 

4,570

 
Amortization of acquisition-related intangible assets

3,131

(575

)

 
Officer retirement

2,550

(536

)

 
Non-GAAP

$

53,536

 
Diluted shares used in computing earnings per share

 

50,727

 
Non-GAAP earnings per share
Diluted

$

1.06

Note: Included in GAAP and non-GAAP adjusted net income was approximately $7.4 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 $0.15 per share.

ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE

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