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EX - 99.1 2 diod - ex991_17.htm EX - 99.1 - Q1 2021 EARNINGS RELEASE DIODES INCORPORATED Plano , Texas May 6 , 2021 the first quarter ended March 31 , 2021 . ● ● Exhibit 99.1 Diodes Incorporated Reports First Quarter 2021 Financial Results Record Revenue of $ 413 Million Exceeds High - End of Guidance , Resulting in Record Gross Profit and Adjusted EPS First Quarter Highlights Revenue was a record $ 413.1 million , which included the first full quarter of revenue from the LITE - ON Semiconductor Corporation ( LSC ) acquisition , increasing 18 percent from $ 350.4 million in the fourth quarter 2020 and 47 percent from $ 280.7 million in the first quarter 2020 ; ● Diodes Incorporated ( Nasdaq : DIOD ) today reported its financial results for GAAP gross profit was a record $ 138.6 million , compared to $ 122.7 million in the fourth quarter 2020 and $ 95.8 million in the first quarter 2020 ; GAAP gross profit margin was 33.6 percent , or 36.3 percent for Diodes only , compared to 35.0 percent in the fourth quarter 2020 and 34.1 percent in the first quarter 2020 ; GAAP net income was $ 39.5 million , or $ 0.87 per diluted share , compared to $ 29.7 million , or $ 0.59 per diluted share , in the fourth quarter 2020 and $ 20.2 million , or $ 0.38 per diluted share , in the first quarter 2020 ; Non - GAAP adjusted net income was $ 42.0 million , or $ 0.93 per diluted share , compared to $ 37.3 million , or $ 0.74 per diluted share , in the fourth quarter 2020 and $ 23.9 million , or $ 0.46 per diluted share , in the first quarter 2020 ; Excluding $ 4.8 million , net of tax , of non - cash share - based compensation expense , both GAAP and non GAAP earnings per share would have increased by $ 0.11 per diluted share ; EBITDA was $ 81.7 million , or 19.8 percent of revenue , compared to $ 67.1 million , or 19.1 percent of revenue , in the fourth quarter 2020 and $ 52.9 million , or 18.9 percent of revenue , in the first quarter 2020 ; and Achieved cash flow from operations of $ 68.2 million and $ 51.0 million of free cash flow , including $ 17.2 of capital expenditures . Net cash flow was a positive $ 10.6 million , including the pay down of $ 37.4 million of debt Commenting on the results , Dr. Keh - Shew Lu , Chairman , President and Chief Executive Officer , stated , " Revenue set a new record both organically and on a consolidated basis , increasing 18 % sequentially and exceeding the high - end of our guidance range , in what has historically been a seasonally down quarter for our business . Our growth was driven by record total POS revenue as a result of records in both Asia and Europe combined with strong growth in North America . We also achieved records in our computing end market , driven by record Pericom product revenue , and the automotive market due to strong organic growth in Diodes ' automotive business . Combined with our expense management and operating efficiencies , we delivered the highest quarter of adjusted earnings per share , which increased 25 % sequentially . " The integration of LSC is also progressing well and ahead of schedule , as we have already begun to harvest the benefit of manufacturing synergies from improved factory loading with both LSC and Diodes ' products . Our global manufacturing footprint is serving as a key advantage at a time when the broader semiconductor industry is challenged by supply and capacity constraints . We have both internal and external capacity to support the increasing demand we are seeing for our products . As a result , we expect to deliver another quarter of sequential growth in the second quarter coupled with a continued expansion in bottom - line profitability . "