Diodes Incorporated Reports Fourth Quarter and Fiscal 2018 Financial Results

           
DIODES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share data)

           
    Three Months Ended     Twelve Months Ended
    December 31,     December 31,
      2018       2017         2018       2017  
NET SALES   $ 314,446     $ 268,430       $ 1,213,989     $ 1,054,204  
                   
COST OF GOODS SOLD     200,247       172,051         778,713       697,428  
                   
Gross profit     114,199       96,379         435,276       356,776  
                   
OPERATING EXPENSES                  
Selling, general and administrative     44,419       45,678         176,197       168,590  
Research and development     21,487       19,662         86,286       77,877  
Amortization of acquisition-related intangible assets     4,488       4,700         18,351       18,798  
Impairment of fixed assets     -       218         390       2,211  
Restructuring     -       4,029         206       10,137  
Other operating (income) expense     (55 )     (415 )       (636 )     (246 )
Total operating expenses     70,339       73,872         280,794       277,367  
                   
Income from operations     43,860       22,507         154,482       79,409  
                   
OTHER INCOME (EXPENSE)                  
Interest income     547       483         1,978       1,475  
Interest expense     (2,282 )     (2,955 )       (9,901 )     (13,448 )
Foreign currency loss, net     (317 )     (1,261 )       (3,701 )     (7,995 )
Other income     1,031       2,022         7,104       3,150  
Total other expense     (1,021 )     (1,711 )       (4,520 )     (16,818 )
                   
Income before income taxes and noncontrolling interest     42,839       20,796         149,962       62,591  
                   
INCOME TAX PROVISION     12,830       50,674         44,556       62,325  
                   
NET INCOME (LOSS)     30,009       (29,878 )       105,406       266  
                   
Less: NET INCOME attributable to noncontrolling interest     (490 )     (773 )       (1,385 )     (2,071 )
                   
NET INCOME (LOSS) attributable to common stockholders   $ 29,519     $ (30,651 )     $ 104,021     $ (1,805 )
                   
EARNINGS (LOSS) PER SHARE attributable to common stockholders                  
Basic   $ 0.59     $ (0.62 )     $ 2.09     $ (0.04 )
Diluted   $ 0.58     $ (0.62 )     $ 2.04     $ (0.04 )
                   
Number of shares used in computation                  
Basic     50,221       49,391         49,841       48,824  
Diluted     50,929       49,391         50,935       48,824  
                                   

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, 2018:

               
     

Operating
Expenses

 

Income Tax
Provision

  Net Income
Per-GAAP             $ 29,519
               
Diluted earnings per share (Per-GAAP)             $ 0.58
               
Adjustments to reconcile net income to non-GAAP net income:              
               
M&A              
               
Pericom               2,619
               

Amortization of acquisition-related intangible assets

    3,193   (574 )    
               
Others               1,059
               
Amortization of acquisition-related intangible assets     1,295   (236 )    
               
Non-GAAP             $ 33,197
               
Diluted shares used in computing earnings per share               50,929
               
Non-GAAP diluted earnings per share             $ 0.65
                 
Note: Included in GAAP and non-GAAP net income was approximately $3.8 million, net of tax, non-cash share-based compensation expense. Excluding share-based compensation expense, both GAAP and non-GAAP diluted earnings per share would have improved by $0.07 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, 2017:

                   
      COGS  

Operating
Expenses

 

Income Tax
Provision

  Net Income
Per-GAAP                 $ (30,651 )
                   
Diluted loss per share (Per-GAAP)                 $ (0.62 )
                   
Adjustments to reconcile net loss to non-GAAP net income:                  
                   
M&A                  
                   
Pericom                   2,530  
                   

Amortization of acquisition-related intangible assets

        3,086     (556 )    
                   
KFAB                   2,554  
                   
Restructuring         4,029     (1,410 )    
                   
Impairment of fixed assets     -   (125 )   44      
                   
Loss on sale of assets         25     (9 )    
                   
Others                   47,177  
                   
Amortization of acquisition-related intangible assets         1,614     (345 )    
                   
Impact of Tax Cuts And Jobs Act             45,908      
                   
Non-GAAP                 $ 21,610  
                   
Diluted shares used in computing earnings per share                   50,926  
                   
Non-GAAP diluted earnings per share                 $ 0.42  
 
Note: Included in GAAP and non-GAAP adjusted net income was approximately $3.0 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 $0.06 per share.
               
DIODES INCORPORATED AND SUBSIDIARIES
RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME

(in thousands, except per share data)

(unaudited)

 

For the twelve months ended December 31, 2018:

               
     

Operating
Expenses

 

Income Tax
Provision

  Net Income
Per-GAAP             $ 104,021
               
Diluted earnings per share (Per-GAAP)             $ 2.04
               
Adjustments to reconcile net income to non-GAAP net income:              
               
M&A              
               
Pericom               10,430
               
Amortization of acquisition-related intangible assets     12,719   (2,289 )    
               
KFAB               194
               
Restructuring     206   (12 )    
               
Others               6,616
               
Amortization of acquisition-related intangible assets     5,632   (1,030 )    
               
Officer retirement     2,550   (536 )    
               
Non-GAAP             $ 121,261
               
Diluted shares used in computing earnings per share               50,935
               
Non-GAAP diluted earnings per share             $ 2.38
 
Note: Included in GAAP and non-GAAP adjusted net income was approximately $15.0 million, net of tax, non-cash share-based compensation expense, excluding officer severance. Excluding share-based compensation expense, both GAAP and non-GAAP adjusted diluted earnings per share would have improved by $0.29 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, 2017:

                   
      COGS  

Operating
Expenses

 

Income Tax
Provision

  Net Income
Per-GAAP                 $ (1,805 )
                   
Diluted Loss per share (Per-GAAP)                 $ (0.04 )
                   
Adjustments to reconcile net loss to non-GAAP net income:                
                   
M&A                  
                   
Pericom                   10,282  
                   
Retention costs         353   (124 )    
                   
Amortization of acquisition-related intangible assets         12,260   (2,207 )    
                   
KFAB                   9,588  
                   
Restructuring         10,137   (3,548 )    
                   
Shut-down related costs     2,722       (953 )    
                   
Impairment of fixed assets         1,868   (654 )  

 

                   
Loss on sale of assets         25   (9 )    
                   
Others                   51,056  
                   
Amortization of acquisition-related intangible assets         6,538   (1,390 )    
                   
Impact of Tax Cuts And Jobs Act             45,908      
                   
Non-GAAP                 $ 69,121  
                   
Diluted shares used in computing earnings per share                   50,340  
                   
Non-GAAP diluted earnings per share                 $ 1.37  
 
Note: Included in GAAP and non-GAAP adjusted net income was approximately $12.1 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 $0.24 per share.
 

ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE

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