Diodes Incorporated · NASDAQ:DIOD
Diodes — Diodes Inc /Del/ — Q4 2022 Earnings Presentation
19 slides from Diodes's earnings presentation, Feb 6, 2023
Slide 1: Fourth Quarter and Fiscal 2022 Financial Results
Fourth Quarter and Fiscal 2022 Financial Results Diodes Incorporated (DIOD) February 6, 2023 Exhibit 99.1
Slide 2: Safe Harbor Statement
Safe Harbor Statement Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Any statements set forth above that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in
Slide 3: About Diodes Incorporated
About Diodes Incorporated Vision: Profitability Growth to Maximize Shareholder Value Our Core Values: Integrity, Commitment, Innovation Diodes delivers high-quality (discrete, analog, and mixed signal) semiconductor products to the world’s leading companies in the automotive, industrial, computing,
Slide 4: Fiscal Year 2022 Financials
Fiscal Year 2022 Financials Revenue - a record $2.0 billion; increasing 10.8% year-over GAAP gross profit - a record $827.2 million; increasing 23.4% year-over-year GAAP gross profit margin - 41.3%; increasing 420bp year-over-year GAAP net income – a record $331.3 million, improving 44.8% year-over-
Slide 5: Delivering Shareholder Value
Delivering Shareholder Value Achieved 9th consecutive quarter of year-over-year growth Delivered 10.8% annual growth over 2021 and achieved record financial performance across all metrics in 2022 Achieved record revenue in the Automotive and Industrial markets Automotive and Industrial totaled 42% o
Slide 6: Fourth Quarter 2022 Financials
Fourth Quarter 2022 Financials Revenue - $496.2 million; increasing 3.3% year-over and down 4.8% sequentially GAAP gross profit - $206.2 million; increasing 8.1% year-over-year and down 5.3% sequentially GAAP gross profit margin - 41.6%; increasing 190bp year-over-year and down 20bp sequentially GAA
Slide 7: Expanding Profitability Growth
Expanding Profitability Growth Track record of Continued Outperformance Annual Revenue CAGR: 14% (2005 - 2022) Gross Profit CAGR: 15% (2005 - 2022) ($ in millions) ($ in millions)
Slide 8: Driving Significant Operating Leverage
Driving Significant Operating Leverage +10.8% Non-GAAP EPS Revenue ($ Millions) +42%
Slide 9: Consistent Quarterly Performance
Consistent Quarterly Performance Quarterly Gross Profit ($ Millions) Quarterly Revenue ($ Millions)
Slide 10: On-Track to Achieve Longer Term Corporate Objectives
On-Track to Achieve Longer Term 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: $2.5B by 2025
Slide 11: Targeted Market Segment Distribution
Targeted Market Segment Distribution Goal Automotive Connected driving, comfort/style/safety, electrification/powertrain Industrial Embedded systems and precision controls, and IIoT Consumer IoT: wearables, home automation, smart infrastructure Communications Smart phones, 5G networks, advanced prot
Slide 12: Revenue Profile for Fourth Quarter 2022
Revenue Profile for Fourth Quarter 2022 By End Market Computing Consumer Industrial Communications Automotive By Channel Distribution Direct By Region Asia Europe Americas 18% 14% 23% 28% 17% 72% 28% 73% 15% 12%
Slide 13: Income Statement – Fourth Quarter 2022
Income Statement – Fourth Quarter 2022 ($ in millions, except per share amounts) 4Q21 3Q22 4Q22 Net sales 480.2 521.3 496.2 Gross profit (GAAP) 190.7 217.8 206.2 Gross profit margin % (GAAP) 39.7% 41.8% 41.6% Net income (GAAP) 65.5 86.4 92.1 Net income (non-GAAP) 73.3 92.2 79.6 Diluted EPS (non-GAAP
Slide 14: Balance Sheet
Balance Sheet ($ in millions) Dec 31, 2020 Dec 31, 2021 Dec 31, 2022 Cash 327 373 348 Inventory 307 349 360 Current Assets 1,024 1,188 1,162 Total Assets 1,980 2,194 2,288 Total Debt 451 301 185 Total Liabilities 963 892 705 Total Equity 1,016 1,303 1,583
Slide 15: First Quarter 2023 Business Outlook
Revenue to be ~$467 million, +/- 3.0% GAAP gross margin of 41.0%, +/- 1% on a consolidated basis Non-GAAP operating expenses 22.2% of revenue, +/- 1%, which are GAAP operating expenses adjusted for amortization of acquisition-related intangible assets Net Interest expense of ~$2.5 million Income tax
Slide 16: 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 Increased focus on high-margin Automotive, Industrial and Pericom
Slide 17: Thank you
1un CORPORATE D Thank you www.diodes.com
Slide 18: Reconciliation of Net Income to Adjusted Net Income (Three Months)
Reconciliation of Net Income to Adjusted Net Income For the three months ended December 31, 2022: (in thousands, except per share data) (unaudited) Note: Included in GAAP and non-GAAP net income was approximately $7.6 million, net of tax, non-cash share-based compensation expense. Excluding share-ba
Slide 19: Reconciliation of Net Income to Adjusted Net Income (Twelve Months)
Reconciliation of Net Income to Adjusted Net Income For the twelve months ended December 31, 2022: (in thousands, except per share data) (unaudited) Note: Included in GAAP and non-GAAP adjusted net income was approximately $28.7 million, net of tax, non-cash share-based compensation expense. Excludi