Exhibit 99.1

 

 

 

Diodes Incorporated Reports First Quarter 2020 Financial Results

 

Strong Automotive Market Share Gains Result in Sequential and Year-over-Year Growth in Automotive Revenue

 

 

Plano, Texas – May 11, 2020

-- Diodes Incorporated (Nasdaq: DIOD) today reported its financial results for the first quarter ended March 31, 2020.

 

First Quarter Overview

 

Revenue was $280.7 million as compared to $301.2 million in the fourth quarter 2019;

 

GAAP gross profit was $95.8 million as compared to $109.4 million in the fourth quarter 2019;

 

GAAP gross profit margin was 34.1 percent as compared to 36.3 percent in the fourth quarter 2019;

 

GAAP net income was $20.2 million, or $0.38 per diluted share, as compared to $47.2 million, or $0.90 per diluted share, in the fourth quarter 2019;

 

Non-GAAP adjusted net income was $23.9 million, or $0.46 per diluted share, as compared to $33.8 million, or $0.65 per diluted share, in the fourth quarter 2019;

 

Excluding $3.7 million, net of tax, of non-cash share-based compensation expense, both GAAP and non-GAAP earnings per share would have increased by $0.07 per diluted share;

 

EBITDA was $52.9 million, or 18.9 percent of revenue, compared to $88.3 million, or 29.3 percent of revenue, in the fourth quarter 2019; and

 

Achieved cash flow from operations of $53.7 million and $39.5 million free cash flow, including $14.2 million of capital expenditures. Net cash flow was a positive $11.4 million, which includes the pay-down of $16.6 million of long-term debt.

 

Commenting on the results, Dr. Keh-Shew Lu, President and Chief Executive Officer, stated,

“First quarter results were in-line with our original expectations and included the delayed start of our manufacturing production following the extended Chinese New Year holiday.  Our results further reflected the temporary closure of our U.K. wafer fabs in the late part of March in response to the global COVID-19 pandemic. Our operations in China have since gradually returned to full production, with our U.K. facilities also resuming full production as of today. Combined revenue in North America and Europe grew more than 12% sequentially, while revenue in Asia declined 12% because of slower than expected customer manufacturing manpower recovery due to the pandemic. With revenue being only slightly below typical seasonality and limited only by customer demand, our first quarter results serve as further testament to our long track record of successfully managing through challenging environments.

 

“Highlighting the quarter was our continued growth in the automotive end market, in which revenue grew sequentially and year-over-year to 11% of revenue as a result of our increased content gains across an expanding customer base, including a significant new design win in Asia. Additionally, our Pericom IC products had the second highest revenue quarter since the 2015 acquisition due to strong demand in the computing end market for our products used in high-end servers, storage, data centers and notebooks. Our close


The following information was filed by Diodes Inc (DIOD) on Monday, May 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Diodes Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Diodes Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account