Diodes Incorporated Reports First Quarter Financial Results

GAAP operating expenses for first quarter 2019 were $70.3 million, or 23.3 percent of revenue, and $65.8 million, or 21.8 percent of revenue, on a non-GAAP basis, which excluded $4.5 million of amortization of acquisition-related intangible asset expenses. GAAP operating expenses in the first quarter 2018 were $71.7 million, or 26.1 percent of revenue, and in the fourth quarter 2018 were $70.3 million, or 22.4 percent of revenue.

First quarter 2019 GAAP net income was a record $31.7 million, or $0.62 per diluted share, compared to GAAP net income of $18.5 million, or $0.37 per share, in first quarter 2018 and GAAP net income of $29.5 million, or $0.58 per diluted share, in fourth quarter 2018.

First quarter 2019 non-GAAP adjusted net income was a record $35.4 million, or $0.69 per diluted share, which excluded, net of tax, $3.7 million of non-cash acquisition-related intangible asset amortization costs. This compares to non-GAAP adjusted net income of $24.2 million, or $0.48 per diluted share, in the first quarter 2018 and $33.2 million, or $0.65 per diluted share, in the fourth quarter 2018.

The following is an unaudited summary reconciliation of GAAP net income to non-GAAP adjusted net income and per share data, net of tax (in thousands, except per share data):

      Three Months Ended
March 31, 2019
GAAP net income $ 31,716
 
GAAP diluted earnings per share $ 0.62
 
Adjustments to reconcile net income to non-GAAP net income:
 
Amortization of acquisition-related intangible assets 3,674
 
Non-GAAP net income $ 35,390
 
Non-GAAP diluted earnings per share $ 0.69
 
Note: Throughout this release, we refer to “net income attributable to common stockholders” as “net income.”
 

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