Exhibit 99.1

 

 

 

Diodes Incorporated Reports Fourth Quarter and Fiscal 2019 Financial Results

 

Achieves Record Full Year Revenue and Gross Margin, Driving Record EBITDA,

Net Income and EPS

 

 

Plano, Texas – February 11, 2020

-- Diodes Incorporated (Nasdaq: DIOD) today reported its financial results for the fourth quarter and fiscal year ended December 31, 2019.

 

Year 2019 Highlights

 

Revenue grew to a record $1.25 billion, an increase of 2.9 percent over the $1.21 billion in 2018;

 

GAAP gross profit was a record $465.8 million, a 7.0 percent increase from $435.3 million last year;

 

GAAP gross margin improved 140 basis points to a record 37.3 percent from 35.9 percent in 2018;

 

GAAP operating income increased 29.9 percent to a record $200.6 million, or 16.1 percent of revenue and 15.8 percent on a non-GAAP basis, which compared to 12.7 percent and 14.5 percent, respectively, in 2018;

 

GAAP net income was a record $153.3 million, or $2.96 per diluted share, compared to $104.0 million, or $2.04 per diluted share, last year;

 

Non-GAAP adjusted net income increased 24.6 percent to a record $151.1 million, or $2.91 per diluted share, compared to $121.3 million, or $2.38 per diluted share, in 2018;

 

Excluding $16.2 million, net of tax, non-cash share-based compensation expense, both GAAP net income and non-GAAP adjusted net income would have increased by $0.31 per diluted share;

 

EBITDA improved 20.1 percent to a record $313.6 million, or 25.1 percent of revenue, compared to $261.1 million, or 21.5 percent of revenue last year; and

 

Achieved a record $229.8 million cash flow from operations and a record $131.3 million of free cash flow, including $98.5 million of capital expenditures, or 7.9 percent of revenue. Net cash flow was a positive $17.7 million, which includes the pay down of $117.3 million of long-term debt.

 

Fourth Quarter Highlights

 

Revenue was $301.2 million as compared to $314.4 million in the fourth quarter 2018;

 

GAAP gross profit was $109.4 million as compared to $114.2 million in the fourth quarter 2018;

 

GAAP gross profit margin was 36.3 percent in both the fourth quarter 2018 and the fourth quarter 2019;

 

GAAP net income was $47.2 million, or $0.90 per diluted share as compared to $29.5 million, or $0.58 per diluted share, in the fourth quarter 2018;


The following information was filed by Diodes Inc (DIOD) on Tuesday, February 11, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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