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Diodes Incorporated Reports Second Quarter Fiscal 2024 Financial Results

Exceeded Second Quarter Expectations with Strong Growth Anticipated for the Third Quarter

PLANO, Texas — (BUSINESS WIRE) — August 8, 2024 — Diodes Incorporated (Diodes) (Nasdaq: DIOD) today reported its financial results for the second quarter ended June 30, 2024.

Second Quarter Highlights

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:

 
Operating
Expenses
Other
(Income)
Expense
Income Tax
Provision
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:

 
Operating
Expenses
Other
(Income)
Expense
Income Tax
Provision
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:

 
Operating
Expenses
Other
(Income)
Expense
Income Tax
Provision
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 assetsThe 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 at
June 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

 

 



Contact:

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