Diodes Incorporated Reports Fourth Quarter and Fiscal 2017

Diodes Incorporated Reports Fourth Quarter and Fiscal 2017 Financial Results

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DIODES INCORPORATED AND SUBSIDIARIES

RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME

(in thousands, except per share data)

(unaudited)

For the three months ended December 31, 2017:

COGS

Operating
Expenses

Income Tax
Provision

Net Income

Per-GAAP

(30,651

)

Loss per share (Per-GAAP)

Diluted

(0.62

)

Adjustments to reconcile net loss to non-GAAP net income:

M&A

Pericom

2,530

Amortization of acquisition-related intangible assets

3,086

(556

)

KFAB

2,554

Restructuring

4,029

(1,410

)

Impairment of fixed assets

(125

)

Loss on sale of assets

)

Others

47,177

Amortization of acquisition-related intangible assets

1,614

(345

)

Impact of Tax Cuts And Jobs Act

45,908

Non-GAAP

21,610

Diluted shares used in computing earnings per share

50,926

Non-GAAP earnings per share

Diluted

0.42

Note: Included in GAAP and non-GAAP net income was approximately $3.0 million, net of tax, non-cash share-based compensation expense. Excluding share-based compensation expense, both GAAP and non-GAAP diluted earnings per share would have improved by $0.06 per share.


DIODES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME – Cont.
(in thousands, except per share data)
(unaudited)

For the three months ended December 31, 2016:

	Operating Expenses	Income Tax Provision		Net Income

Per-GAAP				$	1,268

Earnings per share (Per-GAAP)
Diluted				$	0.03

Adjustments to reconcile net income to non-GAAP net income:

M&A Activities

Pericom					2,900

Retention costs	274	(95	)

Amortization of acquisition-related intangible assets	3,319	(598	)

Others					1,410

Amortization of acquisition-related intangible assets	1,779	(369	)

Impairment of non-operating investment	3,218	(1,126	)		2,092

Non-GAAP				$	7,670

Diluted shares used in computing earnings per share					50,038

Non-GAAP earnings per share
Diluted				$	0.15

Note: Included in GAAP and non-GAAP adjusted net income was approximately $0.8 million, net of tax, non-cash share-based compensation expense. Excluding share-based compensation expense, both GAAP and non-GAAP adjusted diluted earnings per share would have improved by $0.02 per share.


DIODES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME – Cont.
(in thousands, except per share data)
(unaudited)

For the twelve months ended December 31, 2017:

	COGS	Operating Expenses	Income Tax Provision		Net Income

Per-GAAP					$	(1,805	)

Loss per share (Per-GAAP)
Diluted					$	(0.04	)

Adjustments to reconcile net loss to non-GAAP net income:

M&A

Pericom						10,282

Retention costs		353	(124	)

Amortization of acquisition-related intangible assets		12,260	(2,207	)

KFAB						9,588

Restructuring		10,137	(3,548	)

Shut-down related costs	2,722		(953	)

Impairment of fixed assets		1,868	(654	)

Loss on sale of assets		25	(9	)

Others						51,056

Amortization of acquisition-related intangible assets		6,538	(1,390	)

Impact of Tax Cuts And Jobs Act			45,908

Non-GAAP					$	69,121

Diluted shares used in computing earnings per share						50,340

Non-GAAP earnings per share
Diluted					$	1.37

Note: Included in GAAP and non-GAAP adjusted net income was approximately $12.1 million, net of tax, non-cash share-based compensation expense. Excluding share-based compensation expense, both GAAP and non-GAAP adjusted diluted earnings per share would have improved by $0.24 per share.


DIODES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME – Cont.
(in thousands, except per share data)
(unaudited)

For the three twelve months ended December 31, 2016:

	COGS	Operating Expenses		Income Tax Provision		Net Income

Per-GAAP						$	15,935

Earnings per share (Per-GAAP)
Diluted						$	0.32

Adjustments to reconcile net income to non-GAAP net income:

M&A Activities

Pericom							14,618

Inventory adjustment	3,060			(153	)

Transaction costs		280		(98	)

Retention costs		1,464		(512	)

Amortization of acquisition-related intangible assets		13,243		(2,384	)

Employee award costs		(404	)	122

Others							5,736

Amortization of acquisition-related intangible assets		7,235		(1,499	)

Impairment of non-operating investment		3,218		(1,126	)		2,092

Non-GAAP						$	38,381

Diluted shares used in computing earnings per share							49,789

Non-GAAP earnings per share
Diluted						$	0.77

Note: Included in GAAP and non-GAAP adjusted net income was approximately $9.1 million, net of tax, non-cash share-based compensation expense. Excluding share-based compensation expense, both GAAP and non-GAAP adjusted diluted earnings per share would have improved by $0.18 per share.

ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE

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