Diodes Inc (DIOD) 10K Annual Reports & 10Q SEC Filings

GAAP operating income increased 47.9 percent to a record $408.2 million, or 20.4 percent of revenue, compared to $276.0 million, or 15.3 percent of revenue, in 2021;

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GAAP net income was a record $331.3 million, an increase of 44.8 percent from the $228.8 million last year;

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Non-GAAP adjusted net income was a record $339.0 million, an increase of 42.9 percent from the $237.2 million in 2021;

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GAAP EPS was a record $7.20 per diluted share, a 44.0 percent improvement from the $5.00 per diluted share in 2021;

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Non-GAAP EPS was a record $7.36 per diluted share, a 42.1 percent improvement from the $5.18 per diluted share in 2021;

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Excluding $28.7 million, net of tax, non-cash share-based compensation expense, both GAAP net income and non-GAAP adjusted net income would have increased by $0.62 per diluted share;

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EBITDA improved 19.7 percent to a record $520.4 million, or 26.0 percent of revenue, compared to $434.6 million, or 24.1 percent of revenue in 2021; and

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Achieved a record $392.5 million cash flow from operations and $180.8 million of free cash flow, including $211.7 million of capital expenditures, or 10.6 percent of revenue. Net cash flow was a negative $25.7 million, which includes the net pay-down of $112.3 million of total debt.

Commenting on the results, Dr. Keh-Shew Lu, Chairman, President and Chief Executive Officer, stated, “In spite of the COVID-related lockdowns and power outages throughout the year in China as well as the global economic slowdown, we delivered 10.8% annual growth over 2021 and achieved record financial performance across all metrics. In fact, the fourth quarter represented our ninth consecutive quarter of year-over-year growth. Additionally, our earnings power and cash generation in 2022 were also significant highlights with gross margin expanding 420 basis points to 41.3%, operating margin expanding 510 basis points to 20.4%, and GAAP EPS increasing 44% to $7.20 and non-GAAP EPS growing 42% to $7.36. We also achieved record cash flow from operations of $393 million.

The following information was filed by Diodes Inc (DIOD) on Monday, February 6, 2023 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.

ChatGPT says Diodes Inc. Achieves Record Performance, Expands End Markets.

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Inside Diodes Inc's 10-K Annual Report:

Revenue - Product Highlight
Summary for the Twelve Months Ended December 31, 2022 Net sales were $2.0 billion, an increase of 10.8% over the $1.81 billion in 2021; Gross profit was $827.2 million, a 23.4% increase from $670.4 million in 2021; Gross profit margin improved 420 basis points to a record 41.3% from 37.1% in 2021; Operating income increased 47.9% to a record $408.2 million, or 20.4% of revenue, compared to $276.0 million, or 15.3% of revenue, in 2021; Net income was a record $331.3 million, an increase of 44.8% from the $228.8 million last year; Earnings per share was $7.20 per diluted share, a 44.0% improvement from the $5.00 per diluted share in 2021; We achieved $392.5 million cash flow from operations.

Revenue - Product Highlight
Summary for the Twelve Months Ended December 31, 2021 Net sales were $1.81 billion, an increase of 46.9% from the $1.23 billion in 2020; Gross profit was $670.4 million, a 55.5% increase, compared to the $431.1 million in 2020; Gross margin improved 200 basis points to 37.1% from 35.1% in 2020; Operating income increased 105.4% to $276.0 million, or 15.3% of net sales, compared to $134.3 million, or 10.9% of net sales, in 2020; Net income was $228.8 million, or $5.00 per diluted share, compared to $98.1 million, or $1.88 per diluted share, in 2020; and We achieved $338.5 million cash flow from operations.
Revenue - Product Highlight
Net Sales Our net sales increased approximately $195.4 million, or 10.8%, for the twelve months ended December 31, 2022, compared to the prior year, due primarily to our content expansion initiatives and improvements in product mix.
Financial - Earnings Highlight
The Company has experienced growth in higher-margin end markets which have enabled the Company to increase its net sales and margins, even in the midst of the current supply-constrained environment.
Financial - Earnings Highlight
Net income attributable to common stockholders Net income attributable to common stockholders is net income less net income attributable to noncontrolling interest.
Financial - Cash Flow
Discussion of Cash Flows Cash...Read more
Revenue - Product
Revenue recognition In relation to...Read more
Financial - Income
Income tax provision We recognized...Read more
M & A - Other
Amortization of acquisition-related intangible assets...Read more
Financial - Expense
Research and development expenses (?R&D?)...Read more
Financial - Income
The decrease in the effective...Read more
M & A - Other
Acquisitions will continue to be...Read more
Financial - Expense
Selling, general and administrative expenses...Read more
Financial - Expense
The increase in SG&A was...Read more
M & A - Other
Amortization of acquisition-related intangibles decreased...Read more
Other - Other
We believe the long-term outlook...Read more
Financial - Expense
Operating expenses Operating expenses for...Read more
Financial - Expense
Average unit cost increased 19.9%...Read more
Other - Other
The Company?s manufacturing facilities have...Read more
Revenue - Product
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Other - Other
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Financial - Expense
The Company makes estimates and...Read more
Financial - Cash Flow
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Revenue - Product
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Financial - Cash Flow
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Financial - Cash Flow
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Financial - Expense
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Financial - Earnings
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Financial - Debt
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Other - Other
The Company?s restricted cash primarily...Read more
Other - Other
Goodwill and other indefinite lived...Read more
Financial - Expense
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Interest expense consists of interest...Read more
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Other - Other
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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Diodes Inc provided additional information to their SEC Filing as exhibits

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: DIOD
CIK: 29002
Form Type: 10-K Annual Report
Accession Number: 0000950170-23-002499
Submitted to the SEC: Fri Feb 10 2023 5:06:13 PM EST
Accepted by the SEC: Fri Feb 10 2023
Period: Saturday, December 31, 2022
Industry: Semiconductors And Related Devices