Business
Diodes Incorporated Reports Fourth Quarter and Fiscal 2022 Financial Results
Achieves Record Full Year GAAP EPS Increasing 44% to $7.20 and Non-GAAP EPS Increasing 42% to $7.36 over 2021 PLANO, Texas--(BUSINESS WIRE)-- Diodes
About this update from Diodes Incorporated
[{"type":"text","content":"\nAchieves Record Full Year GAAP EPS Increasing 44% to $7.20 and Non-GAAP EPS Increasing 42% to $7.36 over 2021\n\n PLANO, Texas--(BUSINESS WIRE)--\nDiodes Incorporated (Diodes) (Nasdaq: DIOD) today reported its financial results for the fourth quarter ended December 31, 2022.\n\nYear 2022 Highlights\n\n\nRevenue grew to a record $2.0 billion, an increase of 10.8 percent over the $1.8 billion in 2021;\n\n\nGAAP gross profit was a record $827.2 million, a 23.4 percent increase from $670.4 million in the prior year;\n\n\nGAAP gross profit margin improved 420 basis points to a record 41.3 percent from 37.1 percent in 2021;\n\n\nGAAP operating income increased 47.9 percent to a record $408.2 million, or 20.4 percent of revenue, compared to $276.0 million, or 15.3 percent of revenue, in 2021;\n\n\nGAAP net income was a record $331.3 million, an increase of 44.8 percent from the $228.8 million last year;\n\n\nNon-GAAP adjusted net income was a record $339.0 million, an increase of 42.9 percent from the $237.2 million in 2021;\n\n\nGAAP EPS was a record $7.20 per diluted share, a 44.0 percent improvement from the $5.00 per diluted share in 2021;\n\n\nNon-GAAP EPS was a record $7.36 per diluted share, a 42.1 percent improvement from the $5.18 per diluted share in 2021;\n\n\nExcluding $28.7 million, net of tax, non-cash share-based compensation expense, both GAAP net income and non-GAAP adjusted net income would have increased by $0.62 per diluted share;\n\n\nEBITDA improved 19.7 percent to a record $520.4 million, or 26.0 percent of revenue, compared to $434.6 million, or 24.1 percent of revenue in 2021; and\n\n\nAchieved a record $392.5 million cash flow from operations and $180.8 million of free cash flow, including $211.7 million of capital expenditures, or 10.6 percent of revenue. Net cash flow was a negative $25.7 million, which includes the net pay-down of $112.3 million of total debt.\n\n\nCommenting on the results, Dr. Keh-Shew Lu, Chairman, President and Chief Executive Officer, stated, “In spite of the COVID-related lockdowns and power outages throughout the year in China as well as the global economic slowdown, we delivered 10.8% annual growth over 2021 and achieved record financial performance across all metrics. In fact, the fourth quarter represented our ninth consecutive quarter of year-over-year growth. Additionally, our...