Diodes Incorporated Reports Second Quarter Fiscal 2023 Financial Results

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[{"type":"text","content":"\nRecord Automotive and Industrial Product Revenue Drives Record Gross Margin\n\n\n PLANO, Texas--(BUSINESS WIRE)--\nDiodes Incorporated (Diodes) (Nasdaq: DIOD) today reported its financial results for the second quarter ended June 30, 2023.\n\n\nSecond Quarter Highlights\n\n\n\nRevenue was $467.2 million, decreasing 6.8 percent from $501.0 million in the second quarter 2022 and flat with $467.2 million in the first quarter 2023;\n\n\n\nAutomotive and Industrial revenue was a record 48 percent of total product revenue;\n\n\n\nGAAP gross profit was $195.4 million, decreasing 5.4 percent from $206.5 million in the second quarter 2022 and up 0.5 percent from $194.5 million in the first quarter 2023;\n\n\n\nGAAP gross profit margin was a record 41.8 percent, an increase of 60 basis points from 41.2 percent in the second quarter 2022 and up 20 basis points compared to 41.6 percent in the first quarter 2023;\n\n\n\nGAAP net income was $82.0 million, compared to $80.2 million in the second quarter 2022 and $71.2 million in the first quarter 2023;\n\n\n\nNon-GAAP adjusted net income was $73.3 million, compared to $86.9 million in the second quarter 2022 and $73.4 million in the first quarter 2023;\n\n\n\nGAAP EPS was $1.77 per diluted share, compared to $1.75 per diluted share in the second quarter 2022 and $1.54 per diluted share in the first quarter 2023;\n\n\n\nNon-GAAP EPS was $1.59 per diluted share, compared to $1.90 per diluted share in the prior year quarter and $1.59 per diluted share last quarter;\n\n\n\nExcluding $6.0 million, net of tax, of non-cash share-based compensation expense, both GAAP and non-GAAP earnings per share would have increased by $0.13 per diluted share;\n\n\n\nEBITDA increased to $133.5 million, or 28.6 percent of revenue, from $130.6 million, or 26.1 percent of revenue, in the second quarter 2022 and $121.8 million, or 26.1 percent of revenue, in the first quarter 2023; and\n\n\n\nAchieved cash flow from operations of $92.6 million and $55.6 million of free cash flow, including $37.0 of capital expenditures. Net cash flow was a negative $1.2 million, including the pay-down of $34.4 million of total debt.\n\n\n\nCommenting on the results, Dr. Keh-Shew Lu, Chairman, President and Chief Executive Officer, stated, “Even though the recovery in the consumer, computing and communications markets was much slower ...

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