Business
Diodes Incorporated Reports Record First Quarter Fiscal 2022 Financial Results
Achieves Record Revenue for 6th Consecutive Quarter and Record Gross Margin of 40.8%, Driving Record Profits from Operations and EPS PLANO, Texas--(BUSINESS
About this update from Diodes Incorporated
[{"type":"text","content":"\nAchieves Record Revenue for 6th Consecutive Quarter and Record Gross Margin of 40.8%, Driving Record Profits from Operations and EPS\n\n PLANO, Texas--(BUSINESS WIRE)--\nDiodes Incorporated (Diodes) (Nasdaq: DIOD) today reported its financial results for the first quarter ended March 31, 2022.\n\nFirst Quarter Highlights\n\n\nAnnounced the proposed acquisition of the onsemi wafer fabrication facility, which is expected to close in late second quarter of 2022;\n\n\nRevenue was a record $482.1 million, increasing 16.7 percent from $413.1 million in the first quarter 2021 and 0.4 percent from $480.2 million in the fourth quarter 2021;\n\n\nGAAP gross profit was a record $196.7 million, increasing 41.9 percent from $138.6 million in the first quarter 2021 and 3.1 percent from $190.7 million in the fourth quarter 2021;\n\n\nGAAP gross profit margin was a record 40.8 percent, an increase of 720 basis points from the 33.6 percent in the first quarter 2021 and 110 basis points from the 39.7 percent in the fourth quarter 2021;\n\n\nGAAP net income was a record $72.7 million, compared to $39.5 million in the first quarter 2021 and $65.5 million in the fourth quarter 2021;\n\n\nNon-GAAP adjusted net income was a record $80.3 million, compared to $42.0 million in the first quarter 2021 and $73.3 million in the fourth quarter 2021;\n\n\nGAAP EPS was a record $1.59 per diluted share, an 82.8 percent improvement from the $0.87 per diluted share in the first quarter 2021 and a 11.2 percent increase compared to $1.43 per diluted share in the fourth quarter 2021;\n\n\nNon-GAAP EPS was a record $1.75 per diluted share, an 88.2 percent improvement from the $0.93 per diluted share in the prior year quarter and a 9.4 percent increase from the $1.60 per diluted share last quarter;\n\n\nExcluding $6.4 million, net of tax, of non-cash share-based compensation expense, both GAAP and non-GAAP earnings per share would have increased by $0.14 per diluted share;\n\n\nEBITDA was $118.2 million, or 24.5 percent of revenue, compared to $81.7 million, or 19.8 percent of revenue, in the first quarter 2021 and $139.0 million, or 28.9 percent of revenue, in the fourth quarter 2021; and\n\n\nAchieved cash flow from operations of $72.3 million and $33.8 million of free cash flow, including $38.5 of capital expenditures. Net cash flow was a negative $60.8 million, i...