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Diodes Incorporated Reports Fourth Quarter and Fiscal 2020 Financial Results
Record Organic Revenue Driven By Market Share Gains and Record Automotive and Pericom Products Revenue PLANO, Texas--(BUSINESS WIRE)-- Diodes Incorporated
About this update from Diodes Incorporated
[{"type":"text","content":"\nRecord Organic Revenue Driven By Market Share Gains and Record Automotive and Pericom Products Revenue\n\n PLANO, Texas--(BUSINESS WIRE)--\nDiodes Incorporated (Nasdaq: DIOD) today reported its financial results for the fourth quarter and fiscal year ended December 31, 2020. \n\nFourth Quarter Highlights\n\n\nCompleted the acquisition of Lite-On Semiconductor (LSC) on November 30, with initial purchase accounting and financing cost adjustments included in the fourth quarter 2020 GAAP results;\n\n\nRevenue was a record $350.4 million, which included $16.9 million of one month of revenue from LSC, and compares to $301.2 million in the fourth quarter 2019;\n\n\nGAAP gross profit was a record $122.7 million, which included $2.5 million from LSC, as compared to $109.4 million in the fourth quarter 2019;\n\n\nGAAP gross profit margin was 35.0 percent, or 36.0 percent for Diodes only, as compared to 36.3 percent in the fourth quarter 2019;\n\n\nGAAP net income was $29.7 million, or $0.59 per diluted share, which included $0.03 from LSC, as compared to $47.2 million, or $0.90 per diluted share, in the fourth quarter 2019;\n\n\nNon-GAAP adjusted net income was $37.3 million, or $0.74 per diluted share, which included $0.02 from LSC, as compared to $33.8 million, or $0.65 per diluted share, in the fourth quarter 2019;\n\n\nExcluding $5.1 million, net of tax, of non-cash share-based compensation expense, both GAAP and non-GAAP earnings per share would have increased by $0.10 per diluted share;\n\n\nEBITDA was $67.1 million, or 19.1 percent of revenue, compared to $88.3 million, or 29.3 percent of revenue, in the fourth quarter 2019, which included a $19.2 million gain on land sales; and\n\n\nAchieved cash flow from operations of 60.8 million and $33.5 million free cash flow, including $27.3 million of capital expenditures. Net cash flow was a negative $319.3 million, which included the purchase of Lite-On Semiconductor during the quarter for approximately $453.4 million.\n\n\nCommenting on the results, Dr. Keh-Shew Lu, Chairman, President and Chief Executive Officer, stated, “We ended the year achieving the highest quarterly revenue in the Company’s history, even when excluding the revenue contribution from our acquisition of Lite-On Semiconductor that closed on November 30th. Total organic revenue grew 7.8% sequentially and 10.7% year-o...