Diodes Incorporated Reports Second Quarter 2021 Financial Results

Rhea-AI Summary

Diodes Incorporated (Nasdaq: DIOD) reported record Q2 2021 results with revenue of $440.4 million, marking a 7% increase from Q1 2021 and a 53% rise year-over-year. GAAP net income reached $55.4 million, or $1.22 per diluted share, up from $39.5 million in Q1 2021. The company achieved a gross profit of $159.8 million, with a gross margin of 36.3%. Cash flow from operations was $93.9 million, and free cash flow was $66 million. Diodes expects revenue growth in Q3 2021 to approximately $467 million, reflecting strong market demand.

Positive

• Record revenue of $440.4 million, up 7% sequentially and 53% year-over-year.
• GAAP net income of $55.4 million, or $1.22 per diluted share, a significant increase from previous quarters.
• GAAP gross profit margin expanded to 36.3%, reflecting operational efficiency.
• Free cash flow of $66 million, indicating healthy cash generation capabilities.
• Strong outlook for Q3 2021 with expected revenue of $467 million, a 6% sequential increase.

Negative

• Net cash flow was negative $36.2 million, attributed to debt repayment of $114.2 million.

Diodes Incorporated (Nasdaq: DIOD) today reported its financial results for the second quarter ended June 30, 2021.

Second Quarter Highlights

• Revenue was a record $440.4 million, increasing 7 percent from $413.1 million in the first quarter 2021 and 53 percent from $288.7 million in the second quarter 2020;
• GAAP gross profit was a record $159.8 million, increasing 15 percent from $138.6 million in the first quarter 2021 and 57 percent from $101.5 million in the second quarter 2020;
• GAAP gross profit margin was 36.3 percent, compared to 33.6 percent in the first quarter 2021 and 35.2 percent in the second quarter 2020;
• GAAP net income was a record $55.4 million, or $1.22 per diluted share, compared to $39.5 million, or $0.87 per diluted share, in the first quarter 2021 and $21.0 million, or $0.40 per diluted share, in the second quarter 2020;
• Non-GAAP adjusted net income was a record $54.6 million, or $1.20 per diluted share, compared to $42.0 million, or $0.93 per diluted share, in the first quarter 2021 and $28.6 million, or $0.54 per diluted share, in the second quarter 2020;
• Excluding $6.8 million, net of tax, of non-cash share-based compensation expense, both GAAP and non-GAAP earnings per share would have increased by $0.15 per diluted share;
• EBITDA was a record $99.4 million, or 22.6 percent of revenue, compared to $81.7 million, or 19.8 percent of revenue, in the first quarter 2021 and $55.3 million, or 19.2 percent of revenue, in the second quarter 2020; and
• Achieved cash flow from operations of $93.9 million and $66.0 million of free cash flow, including $27.9 of capital expenditures. Net cash flow was a negative $36.2 million, including the pay down of $114.2 million of total debt.

Commenting on the results, Dr. Keh-Shew Lu, Chairman, President and Chief Executive Officer, stated, “Our record performance across all financial metrics is a testament to our strong execution and global manufacturing footprint, enabling us to meet the growing demand for our products. Our growth was once again driven by record global POS revenue as well as record revenue in the automotive, industrial and consumer end markets, especially in IoT, combined with record revenue in the computing market driven by our Pericom products for high-end PCs, servers and datacenter applications. Diodes continued success in these markets contributed to gross margin expansion in the quarter of 270 basis points sequentially and also reflects the continued improvement in loading at the LITE-ON Semiconductor (LSC) facilities.

“Further highlighting our results was the achievement of record GAAP and non-GAAP net income as well as EBITDA, which increased 22 percent sequentially to almost 23 percent of revenue. The highly accretive LSC acquisition together with our significant operating leverage drove adjusted earnings per share for the first six months of 2021 to more than double the adjusted EPS reported in the same period of 2020. And with our expectation for another quarter of record results in the third quarter, we are well positioned to deliver continued growth, increasing profitability and shareholder value. Further, our achievement of year-over-year revenue growth of 53 percent and gross profit increasing 57 percent this quarter represents a major step toward our long-term goal of $2.5 billion in revenue and $1 billion in gross profit by 2025.”

Second Quarter 2021

Revenue for second quarter 2021 was a record $440.4 million, increasing 7 percent from $413.1 million in the first quarter 2021 and 53 percent from $288.7 million in the second quarter 2020. Revenue on an organic basis also increased both sequentially and year-over-year in the second quarter.

GAAP gross profit for the second quarter 2021 was a record $159.8 million, or 36.3 percent of revenue, increasing from $138.6 million, or 33.6 percent of revenue, in the first quarter 2021 and $101.5 million, or 35.2 percent of revenue, in the second quarter of 2020.

GAAP operating expenses for second quarter 2021 were $94.4 million, or 21.4 percent of revenue, and on a non-GAAP basis were $90.4 million, or 20.5 percent of revenue, which excludes $4.1 million of amortization of acquisition-related intangible asset expenses. GAAP operating expenses in the first quarter 2021 were $91.2 million, or 22.1 percent of revenue, and in the second quarter 2020 were $70.6 million, or 24.5 percent of revenue.

Second quarter 2021 GAAP net income was a record $55.4 million, or $1.22 per diluted share, compared to GAAP net income of $39.5 million, or $0.87 per diluted share, in the first quarter 2021 and GAAP net income in the second quarter 2020 of $21.0 million, or $0.40 per diluted share.

Second quarter 2021 non-GAAP adjusted net income was a record $54.6 million, or $1.20 per diluted share, which excluded, net of tax, $3.4 million of acquisition-related intangible asset costs, $0.1 million acquisition-related costs and $4.2 million gain in value of certain LSC investments. This compares to non-GAAP adjusted net income of $42.0 million, or $0.93 per diluted share, in the first quarter 2021 and $28.6 million, or $0.54 per diluted share, in the second quarter 2020.

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, 2021
GAAP net income				$	55,374
GAAP diluted earnings per share					1.22
Adjustments to reconcile net income to non-GAAP net income:
Amortization of acquisition-related intangible assets					3,351
Acquisition-related costs					118
Gain on LSC investments					(4,210	)
Non-GAAP net income				$	54,633
Non-GAAP diluted earnings per share				$	1.20

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 2021 GAAP net income and non-GAAP adjusted net income was approximately $6.8 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 $0.15 per diluted share for the second quarter 2021, $0.11 for the first quarter 2021 and $0.09 for second quarter 2020.

EBITDA (a non-GAAP measure), which represents earnings before net interest expense, income tax, depreciation and amortization, in second quarter 2021 was a record $99.4 million, or 22.6 percent of revenue, increasing from $81.7 million, or 19.8 percent of revenue, in first quarter 2021 and $55.3 million, or 19.2 percent of revenue, in second quarter 2020. For a reconciliation of GAAP net income to EBITDA, see the table near the end of this release for further details.

For second quarter 2021, net cash provided by operating activities was $93.9 million. Net cash flow was a negative $36.2 million, including the pay down of $114.2 million of total debt. Free cash flow (a non-GAAP measure) was $66.0 million, which includes $27.9 million of capital expenditures.

Balance Sheet

As of June 30, 2021, the Company had approximately $302 million in cash and cash equivalents, restricted cash, and short-term investments. Total debt (including long-term and short-term) amounted to approximately $301 million and working capital was approximately $582 million.

The results announced today are preliminary and unaudited, as they are subject to the Company finalizing its closing procedures and completion of the Company’s 2021 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, 2021.

Business Outlook

Dr. Lu concluded, “For the third quarter of 2021, we expect revenue to increase to approximately $467 million, plus or minus 3 percent, which represents a record on both an organic and consolidated basis for a combined increase of about 6 percent sequentially at the mid-point, which is better than typical seasonality. We expect GAAP gross margin on a consolidated basis to be 37 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 20.0 percent of revenue, plus or minus 1 percent. We expect net interest expense to be approximately $1.2 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 third quarter are anticipated to be approximately 45.8 million.”

Purchase accounting adjustments related to amortization of acquisition-related intangible assets of $3.4 million, after tax, for Pericom and previous acquisitions is not included in these non-GAAP estimates.

Conference Call

Diodes will host a conference call on Thursday, August 5, 2021 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 1-888-771-4371 and providing the confirmation code 50198105. International callers may join the teleconference by dialing +1-847-585-4405 and entering the same confirmation 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 http://www.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 consumer electronics, computing, communications, industrial, and automotive 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 31 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 2021, we expect revenue to increase to approximately $467 million plus or minus 3 percent; we expect GAAP gross margin to be 37.0 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 20.0 percent of revenue, plus or minus 1 percent; we expect non-GAAP net interest expense to be approximately $1.2 million; we expect our income tax rate to be 18 percent, plus or minus 3 percent; shares used to calculate diluted EPS for the third quarter are anticipated to be approximately 45.8 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.

DIODES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share data)
		Three Months Ended										Six Months Ended
		June 30										June 30
		2021				2020						2021				2020
Net sales		$	440,448			$	288,669					$	853,569			$	569,386
Cost of goods sold			280,646				187,177						555,131				372,052
Gross profit			159,802				101,492						298,438				197,334
Operating expenses
Selling, general and administrative			60,280				45,372						118,956				87,587
Research and development			29,987				21,322						57,646				45,000
Amortization of acquisition-related intangible assets			4,060				4,021						8,083				8,242
Other operating expense			118				(92	)					1,006				(216	)
Total operating expense			94,445				70,623						185,691				140,613
Income from operations			65,357				30,869						112,747				56,721
Other income (expense)
Interest income			818				168						1,586				441
Interest expense			(2,017	)			(2,653	)					(4,881	)			(3,898	)
Foreign currency loss, net			(510	)			(3,600	)					(1,789	)			(3,525	)
Unrealized Gain (Loss) on Investments			5,261				-						8,916				-
Other income			1,837				1,274						4,154				1,275
Total other income (expense)			5,389				(4,811	)					7,986				(5,707	)
Income before income taxes and noncontrolling interest			70,746				26,058						120,733				51,014
Income tax provision			12,120				4,670						21,554				9,226
Net income			58,626				21,388						99,179				41,788
Less net (income) loss attributable to noncontrolling interest			(3,252	)			(355	)					(4,353	)			(587	)
Net income attributable to common stockholders		$	55,374			$	21,033					$	94,826			$	41,201
Earnings per share attributable to common stockholders:
Basic		$	1.24			$	0.41					$	2.13			$	0.80
Diluted		$	1.22			$	0.40					$	2.09			$	0.78
Number of shares used in earnings per share computation:
Basic			44,667				51,527						44,538				51,431
Diluted			45,380				52,569						45,327				52,517

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, 2021:
		COGS		Operating Expenses		Other Income (Expense)			Income Tax Provision			Net Income
Per-GAAP												$	55,374
Diluted earnings per share (Per-GAAP)													1.22
Adjustments to reconcile net income to non-GAAP net income:
Amortization of acquisition-related intangible assets				4,060					(709	)			3,351
Acquisition-related costs		149							(31	)			118
Gain on LSC investments						(5,262	)		1,052				(4,210	)
Non-GAAP												$	54,633
Diluted shares used in computing earnings per share													45,380
Non-GAAP diluted earnings per share												$	1.20

Note: Included in GAAP and non-GAAP net income was approximately $6.8 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 $0.15 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 three months ended June 30, 2020:
		COGS		Operating Expenses		Other Income (Expense)		Income Tax Provision			Net Income
Per-GAAP											$	21,033
Diluted earnings per share (Per-GAAP)											$	0.40
Adjustments to reconcile net income to non-GAAP net income:
Amortization of acquisition-related intangible assets				4,021				(744	)			3,277
Acquisition-related financing costs						3,420		(774	)			2,646
Acquisition-related costs				416				(85	)			331
Board-member retirement costs				1,705				(358	)			1,347
Non-GAAP											$	28,634
Diluted shares used in computing earnings per share												52,569
Non-GAAP diluted earnings per share											$	0.54

Note: Included in GAAP and non-GAAP adjusted 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 adjusted diluted earnings per share would have improved by $0.09 per share.

DIODES INCORPORATED AND SUBSIDIARIES
RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME
(in thousands, except per share data)
(unaudited)
For the six months ended June 30, 2021:
		COGS		Operating Expenses		Other Income (Expense)			Income Tax Provision			Net Income
Per-GAAP												$	94,826
Diluted earnings per share (Per-GAAP)												$	2.09
Adjustments to reconcile net income to non-GAAP net income:
Amortization of acquisition-related intangible assets				8,083					(1,413	)			6,670
Acquisition-related costs		2,056							(431	)			1,625
Gain on LSC investments						(8,916	)		1,783				(7,133	)
Restructuring costs				820					(123	)			697
Non-GAAP												$	96,685
Diluted shares used in computing earnings per share													45,327
Non-GAAP diluted earnings per share												$	2.13

Note: Included in GAAP and non-GAAP net income was approximately $11.7 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 improved by $0.26 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, 2020:
		Operating Expenses		Other Income (Expense)		Income Tax Provision			Net Income
Per-GAAP									$	41,201
Diluted earnings per share (Per-GAAP)									$	0.78
Adjustments to reconcile net income to non-GAAP net income:
Amortization of acquisition-related intangible assets		8,242				(1,509	)			6,733
Acquisition-related financing costs				3,420		(774	)			2,646
Acquisition-related costs		824				(168	)			656
Board-member retirement costs		1,705				(358	)			1,347
Non-GAAP									$	52,583
Diluted shares used in computing earnings per share										52,517
Non-GAAP diluted earnings per share									$	1.00

Note: Included in GAAP and non-GAAP adjusted net income was approximately $8.4 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 $0.16 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 the acquisition of LITE-ON Semiconductor, which consisted 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.

Gain on LSC investments – During December 2020, after being acquired by the Company, LSC recorded a market to market gain on an equity investment. The Company believes this gain is not reflective of the ongoing operations and exclusion of this gain provides investors an enhanced view of the Company’s operating results.

Restructuring costs – The Company has recorded restructuring charges related to the shutdown and relocation of one of our assembly and test facilities located in Chengdu, China, restructuring at other China sites, and restructuring of select European entities. These restructuring charges are excluded from management’s assessment of the Company’s operating performance. The Company believes the exclusion of the restructuring charges provides investors an enhanced view of the cost structure of the Company’s operations and facilitates comparisons with the results of other periods that may not reflect such charges or may reflect different levels of such charges.

Board member retirement costs – The Company excluded expenses in connection with the retirement of a member of the Company’s board of directors. The Company modified that director’s unvested RSU grants to vest upon his retirement. The shares subject to the modified grants will be released that board member as if they were vesting under the original vesting timeline. In connection with this modification the Company recorded additional expense of approximately $1.7 million.

CASH FLOW ITEMS

Free cash flow (FCF) (Non-GAAP)

FCF for the second quarter of 2021 is a non-GAAP financial measure, which is calculated by subtracting capital expenditures from cash flow from operations. For the second quarter of 2021, FCF was $66.0 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						June 30
		2021			2020			2021			2020
Net income (per-GAAP)		$	55,374		$	21,033		$	94,826		$	41,201
Plus:
Interest expense, net			1,199			2,485			3,295			3,457
Income tax provision			12,120			4,670			21,554			9,226
Depreciation and amortization			30,727			27,107			61,402			54,344
EBITDA (non-GAAP)		$	99,420		$	55,295		$	181,077		$	108,228

DIODES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands)
		June 30,				December 31,
		2021				2020
		(unaudited)				(unaudited)
Assets
Current assets:
Cash and cash equivalents		$	292,650			$	268,065
Restricted Cash			2,268				52,464
Short-term investments			7,386				6,142
Accounts receivable, net of allowances of $3,822 and $3,806 at June 30, 2021 and December 31, 2020, respectively			339,142				320,061
Inventories			304,128				307,062
Prepaid expenses and other			96,904				70,193
Total current assets			1,042,478				1,023,987
Property, plant and equipment, net			522,182				530,815
Deferred income tax			52,249				57,841
Goodwill			159,584				158,331
Intangible assets, net			102,677				110,591
Other long-term assets			113,799				97,892
Total assets		$	1,992,969			$	1,979,457
Liabilities
Current liabilities:
Line of credit		$	60,239			$	140,563
Accounts payable			181,919				168,045
Accrued liabilities			182,385				160,117
Income tax payable			17,316				19,177
Current portion of long-term debt			18,346				21,860
Total current liabilities			460,205				509,762
Long-term debt, net of current portion			222,712				288,179
Deferred tax liabilities			34,761				34,598
Other long-term liabilities			132,294				130,795
Total liabilities			849,972				963,334
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; 44,730,897 and 44,276,194, issued and outstanding at June 30, 2021 and December 31, 2020, respectively			35,998				35,692
Additional paid-in capital			455,683				449,598
Retained earnings			982,872				888,046
Treasury stock, at cost, 9,262,833 shares held at June 30, 2021 and 9,259,858 shares held at December 31, 2020			(336,128	)			(335,910	)
Accumulated other comprehensive loss			(55,841	)			(73,606	)
Total stockholders' equity			1,082,584				963,820
Noncontrolling interest			60,413				52,303
Total equity			1,142,997				1,016,123
Total liabilities and stockholders' equity		$	1,992,969			$	1,979,457

 

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FAQ

What were Diodes' Q2 2021 earnings results?

Diodes reported Q2 2021 revenue of $440.4 million, with a GAAP net income of $55.4 million, or $1.22 per diluted share.

What is the revenue outlook for Diodes in Q3 2021?

Diodes expects Q3 2021 revenue to be approximately $467 million, which would represent a record and a 6% sequential growth.

How did Diodes' gross profit margin change in Q2 2021?

The GAAP gross profit margin for Q2 2021 increased to 36.3%, up from 33.6% in Q1 2021.

What was the free cash flow for Diodes in Q2 2021?

Diodes generated a free cash flow of $66 million in Q2 2021.

How much debt did Diodes pay down in Q2 2021?

Diodes paid down $114.2 million of total debt in Q2 2021.