Attached files
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| 8-K - FORM 8-K - DIODES INC /DEL/ | d80870e8vk.htm |
Exhibit 99.1
| Sidoti Fifteenth Annual Emerging Growth Institutional Investor Forum New York, NY March 23, 2011 |
| Safe Harbor Statement Page 2 Any statements set forth herein 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 the forward-looking statements. Such forward-looking statements include, but are not limited to, statements regarding Diodes' first quarter of 2011 business outlook, including revenue is expected to be flat to down five percentage points compared to fourth quarter 2010; gross margin is expected to be 36.5 percent, plus or minus one percentage point; operating expenses are anticipated to be comparable to fourth quarter levels on a percent of revenue basis; income tax rate is expected to range between 17 and 23 percent; and shares used to calculate GAAP EPS for the first quarter are anticipated to be approximately 46.3 million. Potential risks and uncertainties include, but are not limited to, such factors as Diodes' business and growth strategy; the introduction and market reception to new product announcements; fluctuations in product demand and supply; prospects of the global economy; continued introduction of new products; Diodes' ability to maintain customer and vendor relationships; technological advancements; impact of competitive products and pricing; growth in targeted markets; successful integration of acquired companies and/or assets; Diodes' ability to successfully make additional acquisitions; risks of domestic and foreign operations, including excessive operation costs, labor shortages and Diodes' joint venture prospects; unfavorable currency exchange rates; availability of tax credits; Diodes' ability to maintain its current growth strategy or continue to maintain its current performance, costs and loadings in manufacturing facilities; the global economic weakness may be more severe or last longer than Diodes currently anticipate; and other information detailed from time to time in filings with the United States Securities and Exchange Commission. This presentation also contains non-GAAP measures. See the Company's press release on February 9, 2011 titled "Diodes Incorporated Reports Fiscal 2010 and Fourth Quarter Financial Results" for detailed information related to the Company's non-GAAP measures and a reconciliation of GAAP net income (loss) to non-GAAP net income (loss). |
| Management Representative Page 3 Dr. Keh-Shew Lu President and CEO President and CEO Since 2005 Director - Diodes 9 years Texas Instruments 27 years Experience: Senior Vice President of TI Worldwide Analog and Logic Senior Vice President of TI Worldwide Memory President of Texas Instruments - Asia Education: Master's Degree and Doctorate in Electrical Engineering Texas Tech University Bachelor's Degree in Engineering National Cheng Kung University - Taiwan |
| Company Representative Page 4 Laura Mehrl Director of Investor Relations Since May 2010 Experience: Director of Investor Relations, Diodes Incorporated, Dallas, Texas Senior Business Development Manager, STMicroelectronics, Carrollton, Texas Sales Director for Analog Devices Inc., Shanghai, China Product Marketing Manager at Texas Instruments (TI), Dallas, Texas Senior Engineer at Lattice Semiconductor Inc., Hillsboro, Oregon Wafer fab design engineer and product engineer at TI, Lubbock, Texas Education: MBA with concentration in International Marketing, Texas Tech University BS in Electrical and Computer Engineering, University of Iowa |
| Page 5 A leading global manufacturer and supplier of high-quality application specific, standard products within the broad discrete, logic and analog markets, serving the computing, consumer, communications, industrial and automotive segments. About Diodes Incorporated |
| Business Objective To consistently achieve above-market profitable growth, utilizing our innovative and cost-effective packaging technology, suited for high volume, high growth markets by leveraging process expertise and design excellence to deliver high quality semiconductor products Page 6 |
| 2010 Total Semiconductor Market ($298 bn) Significant Market Opportunity Page 7 $117 bn $29 bn $70 bn $42 bn $20 bn Diodes' SAM: $10 - $12 bn Diodes' SAM: $13 - $15 bn Opto $20 bn Std Logic Analog Discrete Micro/Special Memory Diodes' SAM: $3 - $5 bn |
| Diodes Growth Strategy Page 8 Many Paths for Growth: Product portfolio Product arena Product line expansion Performance enhancement Application space Targeted end equipments Broad customer base Increased product coverage Packaging breadth Broad packaging portfolio Increased power density Small form factor |
| Product Portfolio Progression Page 9 Discrete Diodes MOSFET Rectifiers Transistor Protection Devices Analog Power Management Power Switches Standard Linear Sensors LED Drivers Logic Low Voltage CMOS High Speed CMOS Advanced Ultra-Low Power CMOS 2006 2010 |
| SKY Rectifiers MOSFET Bipolar LDO DC-DC (Asynchronous) Performance Enhancement Page 10 Diodes' product upgrade has expanded our SAM SBR(r) (Super Barrier Rectifiers) (Vb < 400v) DIOFETTM (Low RDS(on), Vb < 100V) CMOS LDO (Low power) DC-DC (Asynchronous, high current) DIODESTARTM Rectifiers (Vb > 600v) DIODESTARTM MOSFET (Ultra low RDS(on), Vb > 600V) Low Noise LDO DC-DC (Synchronous, with low & high current) |
| Efficiency, Functionality, and Control for Smart Phones Page 11 LCD Backlighting LED Drivers Boost Converters Schottky Diodes LCD / OLED Display Bias LCD Bias ICs OLED Bias ICs Schottky Diodes LED Flash Module Camera Flash Drivers ZXMN series MOSFETs Keypad Backlighting LED Drivers Boost Converters Schottky Diodes System Voltage Conversion Low Dropout Regulators DC-DC Converters Schottky Diodes Low-Saturation Bipolar Transistors GPS Antenna Detection Current Monitors Flip / Slide Detection Hall Effect Sensors Hall Effect Drivers Battery Power Management USB Power Switches Current Monitors Charger ICs Low-Saturation Bipolar Transistors ZXMP series MOSFETs RF Power Amplifier Low Dropout Regulators |
| Strong Relationships Drive LCD/LED TV Product Roadmaps Page 12 LCD Display Buffer 40V High-gain BJT System Power Conversion Low Dropout Regulators DC-DC Converters Voltage References Synchronous MOSFET Controllers 40V/100V SBR and Schottkys Bridge Rectifier Diodes LCD LED Backlighting Current Monitors 400V High-gain NPN BJT 60V/100V High-gain NPN BJT 60V/100V N-channel MOSFETS CCFL Backlighting 30V Low On-resistance MOSFETs System Interface USB Power Switches Zener and TVS Arrays System Power Management Buck DC-DC Converters Low Dropout Regulators 20V/30V/40V SBR(r) and Schottkys 30V P-Channel MOSFETs 30V Low-saturation PNP BJT Antenna Tuner DC-DC Converters 40V Schottkys Audio Amplifier Buck DC-DC Converters Schottky Diodes SBR |
| Product Breadth and Performance for Computing Platforms Page 13 LCD / LED Backlighting LED Drivers Boost Converters Schottky Diodes Battery Power Management Current Monitors Load Switches Low-Saturation BJT ZXMP series MOSFETs System Voltage Conversion Low Dropout Regulators DC-DC Converters Schottky Diodes Low-Saturation BJT Open / Close Detection Hall Effect Sensors Hall Effect Drivers System Power Management Buck DC-DC Converters Low Dropout Regulators Super Barrier Rectifiers Schottky Diodes P-Channel MOSFETs Low-Saturation BJT System Interface USB Power Switches Zener and TVS Arrays Audio Amplifier Buck DC-DC Converters Schottky Diodes Super Barrier Rectifiers Wireless Connectivity DC-DC Converters Low Dropout Regulators |
| Page 14 Packaging Focus: Miniaturization and Power Efficiency PD-5 PM-III PD-323 PD-123 SOT923 TO252 TO220/263/ ITO220S SOT223 SIP-3/4 SOT89 QSOP16/20L MSOP8/10 SOIC8 TSSOP8 SOT666 QFN 3~16 pin 0.4mm DFN 0.3mm DFN DFN1006-2 SOT953/963 SOT26/363 SOT25/353 SOT143/SC82 SOT23F SOT23/523 SC59 SOD-323F SOD123/323 SOIC14 TSOT23-5/6 Power DI 5060 SOD323F High Pin QFN T-CSP / DFN0603 WL-CSP TSSOP14/16 SOLAR |
| Page 15 Packaging Focus: Miniaturization and Power Efficiency Power Efficiency Miniaturization DFN 1006-2 Possibly the smallest Discrete semiconductor package. DFN 1006-2 0.6mm 1.0mm Compared to a TO252, the PowerDI(r)5 package delivers twice the power density from a 55% smaller footprint. PowerDI(r)5 TO252 |
| Efficient Manufacturing + Superior Processes Page 16 Shanghai-based packaging with capacity greater than 23 billion units Flexible and optimized manufacturing process = low packaging cost Additional packaging facilities in Neuhaus, Germany and JV in Chengdu, China Bipolar process technology for discrete and ICs High volume 5" and 6" wafer fab in Kansas City, Missouri for discretes 6" Wafer fab in Oldham, United Kingdom Strong engineering capabilities Packaging Wafer Fabs Economies of Scale: Production Units in Shanghai (bn) 20 8.2bn 2005 11.8b n 2006 15.4bn 2007 16.7bn 2008 2004 5.4bn 18 16 14 12 10 8 6 4 2 2.1bn 2002 3.4bn 2003 2001 1.3bn 2001 - 2010 (CAGR: 37.7%) 16.2bn 2009 2010 22 24 18.9bn 2009 Capacity Capex Model = 10% - 12% of Revenue 23.2bn |
| Page 17 Quanta Hon Hai Collaborative Customer Relationships |
| Annual Revenue Growth Rates Outperforming the Industry Page 18 59.9% 2003 to 2010 Growth Diodes Inc.: 23.9% SAM Industry: 6.5% 2004 2005 2006* 2007 2008* 2003 8.0% 35.6% 15.6% 16.9% 18.2% 18.1% (3.3%) 13.5% 8.1% (0.5%) (1.3%) (10%) 0% 10% 20% 30% 40% 50% 60% Industry (Discrete + Analog) Source: World Semiconductor Trade Statistics 0.4% (12.2%) 2009 *Acquisition Years 2010 34.4% 41.1% |
| Revenue Profile - 2010 By Channel By Region By Segment Page 19 15% 73% 12% Asia Pacific Europe North America 54% 46% Distribution OEM / EMS 28% 20% 17% 32% 3% Industrial Consumer Communications Automotive Computing |
| Page 20 Year 2010 Highlights Revenue increased to a record $612.9 million, an increase of 41.1 percent over the $434.4 million in 2009. Gross profit increased $103.7 million to a record $224.9 million, an increase of 85.6 percent compared to 2009. Gross margin increased 880 basis point to 36.7 percent. GAAP net income was a record $76.7 million, or $1.68 per diluted share, up from 2009 GAAP net income of $7.5 million, or $0.17 per diluted share. Non-GAAP adjusted net income was a record $82.9, or $1.82 per diluted share, up from 2009 adjusted net income of $24.1 million, or $0.55 per diluted share. Achieved $110.8 million cash flow from operations, $28.9 million net cash flow and $29.2 million free cash flow. |
| Fourth Quarter 2010 Financial Performance Page 21 Revenue $130.3 $163.1 $163.8 $33.5 $0.7 Revenue Growth 7% 9% 0.4% 25.7% 0.4% Gross Profit $41.8 $61.0 $62.6 $20.8 $1.6 Gross Margin % 32.1% 37.4% 38.3% 620 bp 90 bp Operating Profit $14 $30 $32 $18 $2 Net Income $14.2 $21.2 $24.0 $9.8 $2.8 Earning per Share $0.32 $0.46 $0.52 $0.20 $0.06 Cash Flow from Operations $22 $43 $28 $6 ($15) EBITDA(Non-GAAP) $25.3 $42.3 $46.3 $21.0 $4.0 4Q09 3Q10 Y/Y Q/Q 4Q10 (In millions except per share) |
| Balance Sheet Page 22 Dec 31, 2009 Cash $104 $242 $271 Short-term Investment $ - $297 $ - Inventory $ 99 $ 90 $121 Current Assets $297 $751 $541 Long-term Investment $321 $ - $ - Total Assets $891 $1,022 $847 Convertible Notes ST/LT $155 $121 $128 Other Long-term Debt $217 $ 3 $ 3 Total Liabilities $491 $571 $294 Total Equity $400 $451 $553 Dec 31, 2010 Dec 31, 2008 (adjusted) In millions |
| 1Q 2011 Business Outlook Page 23 Revenue is expected to be flat to down five percentage points compared to fourth quarter 2010. Gross margin is expected to be 36.5 percent, plus or minus one percentage point. Operating expenses are anticipated to be comparable to fourth quarter levels on a percent of revenue basis. Income tax rate is expected to range between 17 and 23 percent. Shares used to calculate GAAP EPS for the first quarter are anticipated to be approximately 46.3 million. |
| Strategy: Profitable Growth Page 24 |
| Thank you Company Contact: Diodes Incorporated Laura Mehrl Director of Investor Relations P: 972-385-4492 E: laura_mehrl@diodes.com Investor Relations Contact: Shelton Group Leanne K. Sievers EVP, Investor Relations P: 949-224-3874 E: lsievers@diodes.com www.diodes.com |