Diodes Incorporated · NASDAQ:DIOD
Diodes — Diodes Inc /Del/ — Q3 2024 Earnings Presentation
18 slides from Diodes's earnings presentation, Nov 7, 2024
Slide 1: Third Quarter 2024 Financial Results
Diodes Incorporated (DIOD) Plano, TX, USA Third Quarter 2024 Financial Results November 7, 2024 Exhibit 99.2
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation also contains non-GAAP measures. See the Company’s press release on November 7, 2024 titled, “Diodes Incorporated Reports Third Quarter Fiscal 2024 Financial Results” for detailed information related to the Company’s non-GAAP measures and a reconciliation of G
Slide 3: About Diodes Incorporated
About Diodes Incorporated Vision: Profitability Growth to Maximize Shareholder Value Our Core Values: Integrity, Commitment, Innovation Diodes delivers analog and discrete power solutions through its high-quality semiconductor products to the world’s leading companies in the automotive, industrial,
Slide 4: Longer Term Corporate Objectives
Longer Term $B Corporate Objectives Goal 1: $1B Market Cap Goal 2: $1B Annual Revenue Goal 3: $1B Gross Profit Goal 4: $1B Profit Before Tax $1B Market Cap $1B Revenue $1B Gross Profit $1B PBT - 2010 - 2017 2025+ Target: $1B Gross profit Gross Margin: 40% Revenue: $2.5B 2025+
Slide 5: Targeted Market Segment Goal
Targeted Market Segment Goal Automotive Connected driving, comfort/style/safety, electrification/powertrain Industrial Embedded systems, precision controls, medical, clean energy, machine to machine, motor control, and AIoT Consumer IoT: wearables, home automation, home appliances, smart infrastruct
Slide 6: Profitability Growth Track record of Continued Outperformance
Profitability Growth Track record of Continued Outperformance Annual Revenue Gross Profit ($ in millions) ($ in millions) CAGR: 12% (2005 – 2023) CAGR: 13% (2005 - 2023)
Slide 7: Gross Margins and EPS
Gross Margins and EPS Gross Margins (%) Non-GAAP EPS ($) CAGR: 22% (2012 - 2023)
Slide 8: 3Q FY24 Highlights
3Q FY24 Highlights Automotive revenue grew 18% sequentially to 19% of product revenue $325 million in cash and cash equivalents*; Total debt approx. $58 million * Cash and cash equivalents, restricted cash and short-term investments Revenue increased 9.5% sequentially, above mid-point of guidance Gl
Slide 9: 3Q FY24 Performance
3Q FY24 Performance $350.1M +9.5% Q-Q Revenue $118M GAAP Gross Profit +9.9% Q-Q 33.7% +10 bps Q-Q GAAP Gross Margin $0.43 +30% Q-Q Non-GAAP EPS $20.1M +30.5% Q-Q Non-GAAP Net Income $46.9M EBITDA 13.4% of Revenue $54.4M Cash Flow from Ops $325M/$58M Strong Balance Sheet Cash*/Debt 15.5% of Revenue *
Slide 10: Revenue Profile for Third Quarter 2024
Revenue Profile for Third Quarter 2024 By Channel Distribution Direct By Region Asia Pacific Europe Americas By End Market Computing Consumer Industrial Communications Automotive 18% 15% 25% 23% 19% 64% 36% 78% 15% 7%
Slide 11: Quarterly Performance
Quarterly Performance Quarterly Gross Profit ($ Millions) Quarterly Revenue ($ Millions)
Slide 12: Income Statement – Third Quarter 2024
Income Statement – Third Quarter 2024 ($ in millions, except EPS) 3Q23 2Q24 3Q24 Net sales 404.6 319.8 350.1 Gross profit (GAAP) 155.9 107.4 118.0 Gross profit margin % (GAAP) 38.5% 33.6% 33.7% Net income (GAAP) 48.7 8.0 13.7 Net income (non-GAAP) 52.5 15.4 20.1 Diluted EPS (non-GAAP) 1.13 0.33 0.43
Slide 13: Balance Sheet
Balance Sheet ($ in millions) Dec 31, 2022 Dec 31, 2023 Sept 30, 2024 Cash* 348 329 325 Inventory 360 390 482 Current Assets 1,162 1,187 1,262 Total Assets 2,288 2,368 2,389 Total Debt 185 62 58 Total Liabilities 705 558 506 Total Equity 1,583 1,810 1,883 * Cash and cash equivalents, restricted cash
Slide 14: Fourth Quarter 2024 Business Outlook
Revenue to be ~$337 million, +/- 3.0% better than typical seasonality GAAP gross margin of 33%, +/- 1% Non-GAAP operating expenses 28.0% of revenue, +/- 1%, which are GAAP operating expenses adjusted for amortization of acquisition-related intangible assets Net Interest income of ~$2.5 million Incom
Slide 15: Investment Summary
Investment Summary Vision: Expand shareholder value Mission: Profitability growth to drive 20%+ operating profit Next Strategic Goal: $1B gross profit Tactics: Total system solutions sales approach and content expansion driving growth Focus on key accounts Increased focus on high-margin automotive,
Slide 16: Thank you
PXODES Analog and Discrete Power Solutions In ¢CORPORATED Thank you www.diodes.com
Slide 17: Reconciliation of Net Income to Adjusted Net Income
Reconciliation of Net Income to Adjusted Net Income For the three months ended September 30, 2024 (in thousands, except per share data) (unaudited) Note: Included in GAAP and non-GAAP adjusted net income was approximately $5.9 million, net of tax, non-cash share-based compensation expense. Excluding
Slide 18: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation For the three months ended September 30, 2023 (in thousands, except per share data) (unaudited) Note: Included in GAAP and non-GAAP adjusted net income was approximately $4.7 million, net of tax, non-cash share-based compensation expense. Excluding share-based compens