Exceeds 4Q Revenue Expectations and Achieves
Over 5% Growth YoY
Diodes Incorporated (Diodes) (Nasdaq: DIOD) today reported its
financial results for the fourth quarter and year ended December
31, 2024.
Fourth Quarter Highlights
- Revenue was $339.3 million, compared to $350.1 million in the
prior quarter and $322.7 million in the fourth quarter 2023;
- GAAP gross profit was $110.9 million, compared to $118.0
million in the prior quarter and $112.5 million in the same quarter
a year ago;
- GAAP gross profit margin was 32.7 percent, compared to 33.7
percent in the prior quarter and 34.9 percent in the fourth quarter
of 2023;
- GAAP operating income was $11.9 million, or 3.5 percent of
revenue, compared to $21.9 million, or 6.3 percent of revenue, in
the prior quarter and compared to $20.7 million or 6.4 percent in
the fourth quarter of 2023;
- GAAP net income was $8.2 million, compared to the $13.7 million
last quarter and $25.3 million during the same quarter a year
ago;
- Non-GAAP adjusted net income was $12.5 million, compared to
$20.1 million in the prior quarter and $23.4 million in the same
quarter a year ago;
- GAAP EPS was $0.18 per diluted share, compared to $0.30 per
diluted share in the prior quarter and $0.55 per diluted share in
the fourth quarter of 2023;
- Non-GAAP EPS was $0.27 per diluted share, compared to $0.43 per
diluted share in the prior quarter and $0.51 per diluted share in
the same quarter a year ago;
- Excluding $5.3 million, net of tax, non-cash share-based
compensation expense, both GAAP net income and non-GAAP adjusted
net income would have increased by $0.11 per diluted share;
- EBITDA was $40.7 million, or 12.0 percent of revenue, compared
to $46.9 million, or 13.4 percent of revenue in the prior quarter
and $58.4 million, or 18.1 percent of revenue during the same
quarter last year; and
- Achieved $81.8 million cash flow from operations and $62.1
million of free cash flow, including $19.7 million of capital
expenditures. Net cash flow was a negative $2.4 million, which
includes the net pay-down of $3.8 million of total debt.
Commenting on the results, Gary Yu, President of Diodes, stated,
“Our above seasonal revenue results in the fourth quarter reflect
the improving momentum we have seen over the past few quarters as
the markets in Asia gradually improve, especially in China and the
Southeast Asia region. We achieved 5% growth over the fourth
quarter 2023, which marks a return to year-over-year growth
following the multi-year market slowdown. Even though the overall
global demand environment remains challenging, especially in Europe
and North America, we were able to maintain our automotive and
industrial mix percentage at 42% of total product revenue, which is
a testament to the progress we have made on our new product and
content expansion initiatives.
“Diodes enters the new year having strong POS in Asia for 2024,
improved levels of channel inventory and a solid balance sheet
combined with a committed focus on expanding growth in our target
markets, especially the automotive and industrial markets, and
capitalizing on new opportunities in AI-related applications. With
our product mix consistently above our target model, we are well
positioned for future growth and margin expansion as the market
recovery broadens across our end markets in 2025 and beyond.”
Fourth Quarter 2024
Revenue for fourth quarter 2024 was $339.3 million, compared to
$350.1 million in the third quarter 2024 and $322.7 million in the
fourth quarter 2023.
GAAP gross profit for the fourth quarter 2024 was $110.9
million, or 32.7 percent of revenue, compared to $118.0 million, or
33.7 percent of revenue, in the third quarter 2024 and $112.5
million, or 34.9 percent of revenue, in the fourth quarter of
2023.
GAAP operating expenses for fourth quarter 2024 were $99.0
million, or 29.2 percent of revenue, and on a non-GAAP basis were
$95.5 million, or 28.1 percent of revenue, which excludes $5.0
million amortization of acquisition-related intangible asset
expenses, $0.6 million in restructuring charges, $0.3 million in
acquisition-related costs and $2.3 million of insurance recovery.
GAAP operating expenses in the third quarter 2024 were $96.1
million, or 27.5 percent of revenue and in the fourth quarter 2023
were $91.8 million, or 28.4 percent of revenue.
Fourth quarter 2024 GAAP net income was $8.2 million, or $0.18
per diluted share, compared to GAAP net income in the third quarter
2024 of $13.7 million, or $0.30 per diluted share, and $25.3
million, or $0.55 per diluted share, of GAAP net income in the
fourth quarter 2023.
Fourth quarter 2024 non-GAAP adjusted net income was $12.5
million, or $0.27 per diluted share, which excluded, net of tax,
$4.1 million of acquisition-related intangible asset cost, $1.3
million non-cash mark-to-market investment value adjustment, $0.5
million in restructuring charges, $0.2 million in
acquisition-related costs and $1.9 million of insurance recovery.
This compares to non-GAAP adjusted net income of $20.1 million, or
$0.43 per diluted share, in the third quarter 2024 and $23.4
million, or $0.51 per diluted share, in the fourth 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 December 31, 2024 GAAP net
income
$
8,241
GAAP diluted earnings per share
$
0.18
Adjustments to reconcile net income to non-GAAP net
income: Amortization of acquisition-related
intangible assets
4,099
Acquisition related cost
232
Restructuring charge
458
Non-cash mark-to-market investment value adjustments
1,305
Insurance recovery for manufacturing facility
(1,870
)
Non-GAAP net income
$
12,465
Non-GAAP diluted earnings per share
$
0.27
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 fourth quarter 2024 GAAP net income and non-GAAP
adjusted net income was approximately $5.3 million, net of tax,
non-cash share-based compensation expense. Excluding share-based
compensation expense, GAAP earnings per share (“EPS”) and non-GAAP
adjusted EPS would have increased by $0.11 per share for the fourth
quarter 2024, compared to $0.13 for the third quarter 2024 and
$0.13 for both in the fourth quarter 2023.
EBITDA (a non-GAAP measure), which represents earnings before
net interest expense, income tax, depreciation and amortization, in
fourth quarter 2024 was $40.7 million, or 12.0 percent of revenue,
compared to $46.9 million, or 13.4 percent of revenue, in third
quarter 2024 and $58.4 million, or 18.1 percent of revenue, in
fourth 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 fourth quarter 2024, net cash provided by operating
activities was $81.8 million. Net cash flow was negative $2.4
million, including the net pay-down of $3.8 million of total debt.
Free cash flow (a non-GAAP measure) was $62.1 million, which
includes $19.7 million of capital expenditures.
Balance Sheet
As of December 31, 2024, the Company had approximately $322
million in cash and cash equivalents, restricted cash, and
short-term investments. Total debt (including long-term and
short-term) amounted to approximately $52 million and working
capital was approximately $849 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-K for the
year ending December 31, 2024.
Business Outlook
Gary Yu further commented, “For the first quarter of 2025, we
expect revenue to be approximately $323 million, plus or minus 3
percent, representing a 4.8% sequential decrease at the mid-point,
due to the Chinese New Year holiday but slightly better than
typical seasonality. Importantly, the mid-point of guidance
represents 7% year-over-year growth and extends our momentum in
support of our expectation for growth in 2025. GAAP gross margin is
expected to be 32.5 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 30.0 percent of revenue, plus or minus 1
percent. We expect net interest income to be approximately $1.5
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 first quarter are anticipated to be approximately 46.7
million.”
Amortization of acquisition-related intangible assets of $5.8
million, after tax, for previous acquisitions is not included in
these non-GAAP estimates.
Conference Call
Diodes will host a conference call on Tuesday, February 11, 2025
at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) to discuss its
fourth 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 February 18, 2025 at midnight Central Time. The
replay number is 1-877-344-7529 with an access code of 6215367
followed by the # key. International callers should dial
+1-412-317-0088 and enter the same pass code at the prompt followed
by the # key.
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 first quarter of
2025, we expect revenue to be approximately $323 million plus or
minus 3 percent; we expect GAAP gross margin to be 32.5 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 30.0 percent of revenue, plus or minus 1 percent; we
expect non-GAAP net interest income to be approximately $1.5
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 first
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 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.
© 2025 Diodes Incorporated. All Rights Reserved.
DIODES INCORPORATED AND
SUBSIDIARIES
CONSOLIDATED CONDENSED
STATEMENTS OF OPERATIONS
(in thousands, except per share
data)
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2024
2023
2024
2023
Net sales
$
339,298
$
322,699
$
1,311,120
$
1,661,739
Cost of goods sold
228,414
210,223
875,258
1,003,557
Gross profit
110,884
112,476
435,862
658,182
Operating expenses Selling, general and
administrative
62,323
56,484
233,913
257,939
Research and development
33,207
32,957
134,051
134,868
Amortization of acquisition-related intangible assets
5,002
3,806
16,499
15,282
(Gain)loss on disposal of fixed assets
(2,116
)
(489
)
(7,641
)
(2,045
)
Restructuring charge
552
(983
)
8,591
1,583
Other operating (income) expense
(1
)
(2
)
(1
)
(16
)
Total operating expense
98,967
91,773
385,412
407,611
Income from operations
11,917
20,703
50,450
250,571
Other (expense) income Interest income
4,920
4,835
18,303
13,338
Interest expense
(494
)
(481
)
(2,334
)
(5,700
)
Foreign currency gain(loss), net
(3,656
)
(2,468
)
(6,308
)
(5,264
)
Unrealized gain(loss) on investments
(1,631
)
1,805
(321
)
18,267
Other income
1,214
3,484
2,892
6,721
Total other income (expense)
353
7,175
12,232
27,362
Income before income taxes and noncontrolling
interest
12,270
27,878
62,682
277,933
Income tax provision
2,041
2,771
11,840
47,285
Net income
10,229
25,107
50,842
230,648
Less net (income) attributable to noncontrolling interest
(1,988
)
185
(6,818
)
(3,466
)
Net income attributable to common stockholders
$
8,241
$
25,292
$
44,024
$
227,182
Earnings per share attributable to common
stockholders: Basic
$
0.18
$
0.55
$
0.95
$
4.96
Diluted
$
0.18
$
0.55
0.95
$
4.91
Number of shares used in earnings per share computation:
Basic
46,333
45,938
46,208
45,803
Diluted
46,397
46,245
46,408
46,311
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 December 31, 2024:
Operating Expenses Other (Income) Expense Income
Tax Provision Net Income Per-GAAP
$
8,241
Diluted earnings per share (per-GAAP)
$
0.18
Adjustments to reconcile net income to non-GAAP net income:
Amortization of acquisition-related intangible assets
5,002
(903
)
4,099
Acquisition related cost
294
(62
)
232
Restructuring charge
552
(94
)
458
Non-cash mark-to-market investment value adjustments
1,631
(326
)
1,305
Insurance recovery for manufacturing facility
(2,338
)
468
(1,870
)
Non-GAAP
$
12,465
Diluted shares used in computing earnings per share
46,397
Non-GAAP diluted earnings per share
$
0.27
Note: Included in GAAP and non-GAAP adjusted net income was
approximately $5.3 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 $0.11 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, 2023:
Operating Expenses Other (Income) Expense Income
Tax Provision Net Income Per-GAAP
$
25,292
Diluted earnings per share (per-GAAP)
$
0.55
Adjustments to reconcile net income to non-GAAP net income:
Amortization of acquisition-related intangible assets
3,806
(698
)
3,108
Non-cash mark-to-market investment value adjustments
(1,805
)
361
(1,444
)
Investment gain
(2,794
)
(2,794
)
Restructuring Cost
(984
)
246
(738
)
Non-GAAP
$
23,424
Diluted shares used in computing earnings per share
46,245
Non-GAAP diluted earnings per share
$
0.51
Note: Included in GAAP and non-GAAP adjusted net income was
approximately $5.9 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 twelve
months ended December 31, 2024:
Operating Expenses Other (Income) Expense Income
Tax Provision Net Income Per-GAAP
$
44,024
Diluted earnings per share (per-GAAP)
$
0.95
Adjustments to reconcile net income to non-GAAP net income:
Amortization of acquisition-related intangible assets
16,499
(3,012
)
13,487
Officer retirement
644
(135
)
509
Acquisition related cost
1,059
(222
)
837
Restructuring charge
8,591
789
(1,835
)
7,545
Non-cash mark-to-market investment value adjustments
321
(64
)
257
Insurance recovery for manufacturing facility
(7,142
)
1,428
(5,714
)
Non-GAAP
$
60,945
Diluted shares used in computing earnings per share
46,408
Non-GAAP diluted earnings per share
$
1.31
Note: Included in GAAP and non-GAAP income was approximately $18
million and $17.4 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 $0.40 per share and non-GAAP diluted earnings per share
would have improved by $0.39 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, 2023:
Operating Expenses Other (Income) Expense Income
Tax Provision Net Income Per-GAAP
$
227,182
Diluted earnings per share (per-GAAP)
$
4.91
Adjustments to reconcile net income to non-GAAP net income:
Amortization of acquisition-related intangible assets
15,282
(2,803
)
12,479
Officer retirement
2,788
(571
)
2,217
Non-cash mark-to-market investment value adjustments
(18,267
)
1,690
(16,577
)
Investment gain
(3,931
)
227
(3,704
)
Restructuring Cost
1,583
(396
)
1,187
Non-GAAP
$
222,784
Diluted shares used in computing earnings per share
46,311
Non-GAAP diluted earnings per share
$
4.81
Note: Included in GAAP and non-GAAP adjusted net income was
approximately $24.4 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 $0.53 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.
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.
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.
Investment gain – The
Company excluded the gain realized on the sale of an equity
investment. The Company believes this is not reflective of the
ongoing operations and exclusion of this item provides investors an
enhanced view of the Company’s operating results.
CASH FLOW
ITEMS
Free cash flow (FCF)
(Non-GAAP)
FCF for the fourth quarter of 2024 is a non-GAAP financial
measure, which is calculated by subtracting capital expenditures
from cash flow from operations. For the fourth quarter of 2024, FCF
was $62.1 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 Twelve Months Ended December
31, December 31,
2024
2023
2024
2023
Net income (per-GAAP)
$
8,241
$
25,292
$
44,024
$
227,182
Plus: Interest expense, net
(4,426
)
(4,354
)
(15,969
)
(7,638
)
Income tax provision
2,041
2,771
11,840
47,285
Depreciation and amortization
34,890
34,644
137,189
137,367
EBITDA (non-GAAP)
$
40,746
$
58,353
$
177,084
$
404,196
DIODES INCORPORATED AND SUBSIDIARIES CONDENSED
CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except
share and per share data)
December 31, December 31,
2024
2023
Assets Current assets: Cash and cash equivalents
$
308,671
$
315,457
Restricted Cash
6,053
3,026
Short-term investments
7,464
10,174
Accounts receivable, net of allowances of $7,799 and $5,641 at
December 31, 2024 and December 31, 2023, respectively
325,517
371,930
Inventories
474,948
389,774
Prepaid expenses and other
101,500
97,024
Total current assets
1,224,153
1,187,385
Property, plant and equipment, net
684,259
746,169
Deferred income tax
51,974
51,620
Goodwill
181,555
146,558
Intangible assets, net
67,397
63,937
Other long-term assets
176,943
171,990
Total assets
$
2,386,281
$
2,367,659
Liabilities Current liabilities: Line of credit
$
31,429
$
40,685
Accounts payable
133,765
158,261
Accrued liabilities
186,576
179,674
Income tax payable
22,730
10,459
Current portion of long-term debt
1,096
4,419
Total current liabilities
375,596
393,498
Long-term debt, net of current portion
19,563
16,979
Deferred tax liabilities
6,953
13,662
Unrecognized tax benefits
24,646
34,035
Other long-term liabilities
90,576
99,808
Total liabilities
517,334
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; 46,332,891 and 45,938,382, issued and outstanding at
December 31, 2024 and December 31, 2023, respectively
37,083
36,819
Additional paid-in capital
523,744
509,861
Retained earnings
1,719,298
1,675,274
Treasury stock, at cost, 9,288,420 and 9,286,862 shares held at
December 31, 2024 and December 31, 2023
(338,100
)
(337,986
)
Accumulated other comprehensive loss
(146,724
)
(143,227
)
Total stockholders' equity
1,795,301
1,740,741
Noncontrolling interest
73,646
68,936
Total equity
1,868,947
1,809,677
Total liabilities and stockholders' equity
$
2,386,281
$
2,367,659
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250211482829/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
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