Diodes Incorporated Reports First Quarter 2020 Financial Results

DIODES INCORPORATED AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS

(in thousands)

 

March 31,

 

December 31,

 

2020

 

 

 

2019

 

(unaudited)

 

(audited)

Assets
Current assets:
Cash and cash equivalents

$

269,516

 

$

258,390

 

Short-term investments

 

2,859

 

 

4,825

 

Accounts receivable, net of allowances of $4,855 and $4,866 at
March 31, 2020 and December 31, 2019, respectively

 

243,746

 

 

260,322

 

Inventories

 

232,184

 

 

236,472

 

Prepaid expenses and other

 

48,141

 

 

49,950

 

Total current assets

 

796,446

 

 

809,959

 

Property, plant and equipment, net

 

456,122

 

 

469,574

 

Deferred income tax

 

16,994

 

 

17,516

 

Goodwill

 

149,666

 

 

141,318

 

Intangible assets, net

 

121,218

 

 

119,523

 

Other long-term assets

 

79,820

 

 

81,494

 

Total assets

$

1,620,266

 

$

1,639,384

 

 
Liabilities
Current liabilities:
Line of credit

$

13,397

 

$

13,342

 

Accounts payable

 

112,075

 

 

122,148

 

Accrued liabilities

 

88,327

 

 

100,571

 

Income tax payable

 

15,642

 

 

16,156

 

Current portion of long-term debt

 

34,676

 

 

33,105

 

Total current liabilities

 

264,117

 

 

285,322

 

Long-term debt, net of current portion

 

46,011

 

 

64,401

 

Deferred tax liabilities

 

16,348

 

 

16,333

 

Other long-term liabilities

 

111,501

 

 

120,545

 

Total liabilities

 

437,977

 

 

486,601

 

 
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; 51,450,808 and 51,206,969, issued and outstanding at March 31, 2020 and December 31, 2019, respectively

 

35,289

 

 

35,111

 

Additional paid-in capital

 

427,543

 

 

427,262

 

Retained earnings

 

810,126

 

 

789,958

 

Treasury stock, at cost, 1,480,840 and 1,457,206 shares held as of March 31, 2020 and December 31, 2019, respectively

 

(38,457

)

 

(37,768

)

Accumulated other comprehensive loss

 

(109,472

)

 

(108,139

)

Total stockholders' equity

 

1,125,029

 

 

1,106,424

 

Noncontrolling interest

 

57,260

 

 

46,359

 

Total equity

 

1,182,289

 

 

1,152,783

 

Total liabilities and stockholders' equity

$

1,620,266

 

$

1,639,384

 


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