Exceeded Second Quarter Expectations with
Strong Growth Anticipated for the Third Quarter
Diodes Incorporated (Diodes) (Nasdaq: DIOD) today reported its
financial results for the second quarter ended June 30, 2024.
Second Quarter Highlights
- Revenue was $319.8 million, compared to $302.0 million in the
first quarter 2024 and $467.2 million in the second quarter
2023;
- Global Point of Sales (POS) increased over 7 percent
sequentially;
- GAAP gross profit was $107.4 million, compared to $99.6 million
in the first quarter 2024 and $195.4 million in the second quarter
2023;
- GAAP gross profit margin was 33.6 percent, compared to 33.0
percent in the first quarter 2024 and 41.8 percent in the second
quarter 2023;
- GAAP net income was $8.0 million, compared to $14.0 million in
the first quarter 2024 and $82.0 million in the second quarter
2023;
- Non-GAAP adjusted net income was $15.4 million, compared to
$13.0 million in the first quarter 2024 and $73.3 million in the
second quarter 2023;
- GAAP EPS was $0.17 per diluted share, compared to $0.30 per
diluted share in the first quarter 2024 and $1.77 per diluted share
in the second quarter 2023;
- Non-GAAP EPS was $0.33 per diluted share, compared to $0.28 per
diluted share last quarter and $1.59 per diluted share in the prior
year quarter;
- Excluding GAAP and non-GAAP $3.4 million and $2.8 million,
respectively, net of tax, of non-cash share-based compensation
expense, GAAP and non-GAAP earnings per share would have increased
by $0.07 per share and $0.06 per share, respectively;
- EBITDA was $41.1 million, or 12.8 percent of revenue, compared
to $48.3 million, or 16.0 percent of revenue, in the first quarter
2024 and $133.5 million, or 28.6 percent of revenue, in the second
quarter 2023; and
- Cash flow provided by operations was $14.4 million and a
negative $3.5 million of free cash flow, including $17.9 million of
capital expenditures. Net cash flow was a negative $2.9 million,
including the pay-down of $22.2 million of total debt.
Commenting on the results, Gary Yu, President of Diodes, stated,
“Second quarter results exceeded our prior expectations as Diodes’
demand began to recover from the low point in the first quarter,
especially in the computing market in Asia. Additional positive
indicators included improvement in distributor inventory levels
with a sequential decrease in channel inventory weeks. Demand
improvement during the quarter was most prominent in our computing
end market, where Diodes is increasingly participating in the
growth of AI servers. In fact, POS across the 3C markets increased
significantly over the prior quarter, and Diodes was able to
maintain automotive and industrial product revenue at 41% of total
due to content increases in both markets, even though the recovery
remained slow due to the ongoing inventory adjustments.
“As we look to the third quarter, we are guiding for strong
revenue growth of over 8% at the mid-point, supported by overall
POS growth of more than 7% in the second quarter. Our near-term
expectation for gross margin continues to reflect factory
underloading related to our wafer service agreements as well as our
internal demand. However, we expect to continue margin expansion
toward our target model of 40% as loading improves combined with a
resumption of growth in the automotive and industrial end markets.
As global demand strengthens, we remain focused on driving further
operational improvements to deliver increased earnings and cash
flow.”
Second Quarter 2024
Revenue for second quarter 2024 was $319.8 million, compared to
$302.0 million in the first quarter 2024 and $467.2 million in the
second quarter 2023.
GAAP gross profit for the second quarter 2024 was $107.4
million, or 33.6 percent of revenue, compared to $99.6 million, or
33.0 percent of revenue, in the first quarter 2024 and $195.4
million, or 41.8 percent of revenue, in the second quarter of
2023.
GAAP operating expenses for second quarter 2024 were $103.7
million, or 32.4 percent of revenue, and on a non-GAAP basis were
$90.9 million, or 28.4 percent of revenue, which excludes an $8.3
million restructuring charge, $3.9 million amortization of
acquisition-related intangible asset expenses and $0.6 million in
officer retirement costs. GAAP operating expenses in the first
quarter 2024 were $86.6 million, or 28.7 percent of revenue and in
the second quarter 2023 were $105.8 million, or 22.7 percent of
revenue.
Second quarter 2024 GAAP net income was $8.0 million, or $0.17
per diluted share, compared to GAAP net income in the first quarter
2024 of $14.0 million, or $0.30 per diluted share, and $82.0
million, or $1.77 per diluted share, of GAAP net income in the
second quarter 2023.
Second quarter 2024 non-GAAP adjusted net income was $15.4
million, or $0.33 per diluted share, which excluded, net of tax,
$7.2 million in restructuring charges, $3.5 million non-cash
mark-to-market investment value adjustment, $3.1 million of
acquisition-related intangible asset costs and $0.5 million in
officer retirement costs. This compares to non-GAAP adjusted net
income of $13.0 million, or $0.28 per diluted share, in the first
quarter 2024 and $73.3 million, or $1.59 per diluted share, in the
second 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, 2024 GAAP net
income
$
8,000
GAAP diluted earnings per share
$
0.17
Adjustments to reconcile net income to non-GAAP net
income: Amortization of acquisition-related
intangible assets
3,147
Officer retirement
509
Restructuring charge
7,244
Non-cash mark-to-market investment value adjustments
(3,480
)
Non-GAAP net income
$
15,420
Non-GAAP diluted earnings per share
$
0.33
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 2024 GAAP net income and non-GAAP
adjusted net income was approximately $3.4 million and $2.8
million, respectively, net of tax, non-cash share-based
compensation expense. Excluding share-based compensation expense,
GAAP earnings per share (“EPS”) would have increased by $0.07 per
share and non-GAAP adjusted EPS would have increased by $0.06 per
share for the second quarter 2024, compared to $0.09 for the first
quarter 2024 and $0.13 for second quarter 2023.
EBITDA (a non-GAAP measure), which represents earnings before
net interest expense, income tax, depreciation and amortization, in
second quarter 2024 was $41.1 million, or 12.8 percent of revenue,
compared to $48.3 million, or 16.0 percent of revenue, in first
quarter 2024 and $133.5 million, or 28.6 percent of revenue, in
second quarter 2023. For a reconciliation of GAAP net income to
EBITDA, see the table near the end of this release for further
details.
For the second quarter 2024, net cash provided by operating
activities was $14.4 million. Net cash flow was a negative $2.9
million, including the pay-down of $22.2 million of total debt.
Free cash flow (a non-GAAP measure) was a negative $3.5 million,
which includes $17.9 million of capital expenditures.
Balance Sheet
As of June 30, 2024, the Company had approximately $277 million
in cash and cash equivalents, restricted cash, and short-term
investments. Total debt (including long-term and short-term)
amounted to approximately $47 million and working capital was
approximately $860 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, 2024.
Business Outlook
Gary Yu further commented, “For the third quarter of 2024, we
expect revenue to be approximately $346 million, plus or minus 3
percent, representing an 8.2% sequential increase at the mid-point,
which is the highest sequential growth in the last 14 quarters.
GAAP gross margin is expected to be 34.0 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 27.5 percent of
revenue, plus or minus 1 percent. We expect net interest income to
be approximately $2.5 million. Our income tax rate is expected to
be 18.5 percent, plus or minus 3 percent, and shares used to
calculate diluted EPS for the third 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 Thursday, August 8, 2024
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, 2024 at midnight Central Time. The
replay number is 1-877-344-7529 with a pass code of 1321163.
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
Investor Relations section of the Company’s website. 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 analog and discrete power solutions combined with leading-edge
packaging technology to meet customers’ needs. Our broad range of
application-specific products and solutions-focused sales, coupled
with global operations including engineering, testing,
manufacturing, and customer service, enable 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
2024, we expect revenue to be approximately $346 million plus or
minus 3 percent; we expect GAAP gross margin to be 34.0 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 27.5 percent of revenue, plus or minus 1 percent; we
expect non-GAAP net interest income to be approximately $2.5
million; we expect our income tax rate to be 18.5 percent, plus or
minus 3 percent; shares used to calculate diluted EPS for the third
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 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 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 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.
© 2024 Diodes Incorporated. All Rights Reserved.
DIODES INCORPORATED AND
SUBSIDIARIES
CONSOLIDATED CONDENSED
STATEMENTS OF OPERATIONS
(in thousands, except per share
data)
(unaudited)
Three Months Ended Six Months Ended June
30, June 30,
2024
2023
2024
2023
Net sales
$
319,771
$
467,152
$
621,743
$
934,393
Cost of goods sold
212,385
271,776
414,773
544,563
Gross profit
107,386
195,376
206,970
389,830
Operating expenses Selling, general and
administrative
58,467
67,500
112,202
138,491
Research and development
33,189
34,611
67,153
67,843
Amortization of acquisition-related intangible assets
3,854
3,816
7,664
7,668
(Gain)loss on disposal of fixed assets
(82
)
(105
)
(4,954
)
(153
)
Restructuring charge
8,250
-
8,250
-
Other operating (income)expense
-
(13
)
(1
)
(13
)
Total operating expense
103,678
105,809
190,314
213,836
Income from operations
3,708
89,567
16,656
175,994
Other (expense) income Interest income
4,237
2,224
8,851
3,996
Interest expense
(852
)
(2,189
)
(1,384
)
(4,321
)
Foreign currency gain(loss), net
799
(2,217
)
1,771
(4,110
)
Unrealized gain(loss) on investments
4,350
12,172
4,720
16,061
Other income
562
1,398
996
1,928
Total other income (expense)
9,096
11,388
14,954
13,554
Income before income taxes and noncontrolling
interest
12,804
100,955
31,610
189,548
Income tax provision
2,643
17,224
6,180
33,840
Net income
10,161
83,731
25,430
155,708
Less net (income) attributable to noncontrolling interest
(2,161
)
(1,711
)
(3,392
)
(2,538
)
Net income attributable to common stockholders
$
8,000
$
82,020
$
22,038
$
153,170
Earnings per share attributable to common
stockholders: Basic
$
0.17
$
1.79
$
0.48
$
3.35
Diluted
$
0.17
$
1.77
0.48
$
3.31
Number of shares used in earnings per share computation:
Basic
46,133
45,733
46,083
45,667
Diluted
46,324
46,243
46,320
46,263
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, 2024:
Operating Expenses
Other (Income) Expense
Income Tax Provision
Net Income
Per-GAAP
$
8,000
Diluted earnings per share (per-GAAP)
$
0.17
Adjustments to reconcile net income to non-GAAP net
income: Amortization of acquisition-related
intangible assets
3,854
(707
)
3,147
Officer retirement
644
(135
)
509
Restructuring charge
8,250
789
(1,795
)
7,244
Non-cash mark-to-market investment value adjustments
(4,350
)
870
(3,480
)
Non-GAAP
$
15,420
Diluted shares used in computing earnings per share
46,324
Non-GAAP diluted earnings per share
$
0.33
Note: Included in GAAP and non-GAAP income was approximately
$3.4 million and $2.8 million respectively, net of tax, non-cash
share-based compensation expense. Excluding share-based
compensation expense, GAAP diluted earnings per share would have
improved by $0.07 per share 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 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 mark-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 adjusted 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 adjusted 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 six months
ended June 30, 2024:
OperatingExpenses Other(Income)Expense
Income TaxProvision Net Income Per-GAAP
$
22,038
Diluted earnings per share (per-GAAP)
$
0.48
Adjustments to reconcile net income to non-GAAP net
income: Amortization of acquisition-related
intangible assets
7,664
(1,406
)
6,258
Officer retirement
644
(135
)
509
Restructuring charge
8,250
789
(1,795
)
7,244
Non-cash mark-to-market investment value adjustments
(4,720
)
944
(3,776
)
Insurance recovery for manufacturing facility
(4,804
)
961
(3,843
)
Non-GAAP
$
28,430
Diluted shares used in computing earnings per share
46,319
Non-GAAP diluted earnings per share
$
0.61
Note: Included in GAAP and non-GAAP income was approximately
$7.4 million and $6.8 million respectively, net of tax, non-cash
share-based compensation expense. Excluding share-based
compensation expense, GAAP diluted earnings per share would have
improved by $0.16 per share 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 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 mark-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.
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.
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.
Insurance recovery for manufacturing
facility – The Company 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.
Non-cash mark-to-market investment
adjustments – The Company excluded mark-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.
Restructuring charge – The
Company recorded restructuring charges related to various
locations. 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.
CASH FLOW
ITEMS
Free cash flow (FCF)
(Non-GAAP)
FCF for the second quarter of 2024 is a non-GAAP financial
measure, which is calculated by subtracting capital expenditures
from cash flow from operations. For the second quarter of 2024, FCF
was a negative $3.5 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,
2024
2023
2024
2023
Net income (per-GAAP)
$
8,000
$
82,020
$
22,038
$
153,170
Plus: Interest expense, net
(3,385
)
(35
)
(7,467
)
325
Income tax provision
2,643
17,224
6,180
33,840
Depreciation and amortization
33,794
34,243
68,649
67,896
EBITDA (non-GAAP)
$
41,052
$
133,452
$
89,400
$
255,231
DIODES INCORPORATED AND SUBSIDIARIES CONDENSED
CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except
share and per share data)
June 30, December 31,
2024
2023
Assets Current assets: Cash and cash equivalents
$
264,709
$
315,457
Restricted Cash
2,948
3,026
Short-term investments
9,188
10,174
Accounts receivable, net of allowances of $12,133 and $5,641 atJune
30, 2024 and December 31, 2023, respectively
384,965
371,930
Inventories
461,539
389,774
Prepaid expenses and other
97,115
97,024
Total current assets
1,220,464
1,187,385
Property, plant and equipment, net
707,617
746,169
Deferred income tax
50,956
51,620
Goodwill
145,595
146,558
Intangible assets, net
57,391
63,937
Other long-term assets
179,034
171,990
Total assets
$
2,361,057
$
2,367,659
Liabilities Current liabilities: Line of credit
$
26,343
$
40,685
Accounts payable
156,687
158,261
Accrued liabilities
167,436
179,674
Income tax payable
9,145
10,459
Current portion of long-term debt
1,344
4,419
Total current liabilities
360,955
393,498
Long-term debt, net of current portion
18,988
16,979
Deferred tax liabilities
9,532
13,662
Unrecognized tax benefits
34,035
34,035
Other long-term liabilities
85,971
99,808
Total liabilities
509,481
557,982
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; 46,146,009 and 45,938,382, issued and outstanding at
June 30, 2024 and December 31, 2023, respectively
36,958
36,819
Additional paid-in capital
513,309
509,861
Retained earnings
1,697,312
1,675,274
Treasury stock, at cost, 9,287,762 and 9,286,862 shares held at
June 30, 2024 and December 31, 2023
(338,052
)
(337,986
)
Accumulated other comprehensive loss
(135,172
)
(143,227
)
Total stockholders' equity
1,774,355
1,740,741
Noncontrolling interest
77,221
68,936
Total equity
1,851,576
1,809,677
Total liabilities and stockholders' equity
$
2,361,057
$
2,367,659
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240808156839/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:
949-224-3874 E: lsievers@sheltongroup.com
Diodes (NASDAQ:DIOD)
Historical Stock Chart
From Dec 2024 to Jan 2025
Diodes (NASDAQ:DIOD)
Historical Stock Chart
From Jan 2024 to Jan 2025
