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8-K - 8-K - DIODES INC /DEL/ | d541994d8k.htm |
Investor Relations Presentation
May, 2013
Exhibit
99.1 |
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
Incorporateds
2Q
2013
business
outlook
update,
which
includes
the
following:
a
summary
of
the
guidance for GAAP and non-GAAP financial
measures as follows on revenue of $206 million to $218 million for both GAAP and
non-GAAP; sequential growth of 16% to 23% for both GAAP and non-
GAAP;
gross
margin
(%
of
revenue)
of
25.0%
to
29.0%
for
GAAP
and
27.0%
to
31.0%
for
non-GAAP;
operating
expense
(%
of
revenue)
of
22.6%
to
24.6%
for GAAP and 20.3% to 22.3% for non-GAAP; tax rate of 14% to 20% for both GAAP
and non-GAAP; and shares used to calculate GAAP and non-GAAP
are
anticipated
to
be
approximately
47.4
million;
and
other
statements
identified
by
words
such
as
estimates,
expects,
projects,
plans,
will
and similar
expressions.
Potential risks and uncertainties include, but are not limited to, such factors as:
the possibility that the transaction may not be consummated, including as a
result of any of the conditions precedent; the risk that BCDs business will
not be integrated successfully into the Companys; the risk that the expected
benefits of the acquisition may not be realized, including the realization of the
accretive effect of the acquisition; the risk that BCDs standards, procedures
and controls will not be brought into conformance within the Companys
operation; difficulties coordinating the Companys and BCDs new product and
process development, hiring additional management and other critical personnel, and
increasing the scope, geographic diversity and complexity of the
Companys operations; difficulties in consolidating facilities and
transferring processes and know-how; difficulties in reducing the costs of BCDs business;
the
diversion
of
our
managements
attention
from
the
management
of
our
business;
Diodes
business
and growth strategy; the introduction and market
reception to new product announcements; fluctuations in product demand and supply;
prospects for 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,
higher tax rates and 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 and
loadings in manufacturing facilities; our future guidance may be incorrect;
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 Companys press releases on May 9, 2013 titled, Diodes Incorporated Reports First Quarter
2013 Financial Results
for detailed information related to the Companys non-GAAP measures and a
reconciliation of GAAP net income (loss) to non-GAAP net income
(loss). |
Management Representative
Page 3
Rick White
CFO, Secretary, and Treasurer
CFO
Since 2009
SR VP, Finance
3 years
Texas Instruments 25 years
Experience:
Partner, Tatum Partners
CFO, Optisoft
Vice President, TI Worldwide, Memory
Education:
MBA, Finance, University of Michigan
Bachelor's Degree, Electrical Engineering, Oklahoma State University
|
Company Representative
Page 4
Laura Mehrl
Director of Investor Relations
Since May 2010
Experience:
Director of Investor Relations, Diodes Incorporated, Plano, 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
|
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, industrial,
communications
and automotive
segments.
Page 5
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 |
2012
Total Semiconductor Market ($292 bn) Significant Market Opportunity
Page 7
$133 bn
$26 bn
$57 bn
$39 bn
$18 bn
Diodes
SAM:
$9
-
$11
bn
Diodes
SAM:
$14
-
$16
bn
Opto
$19 bn
Std Logic
Analog
Discrete
Micro/Special
Memory
Diodes
SAM:
$2
-
$4
bn |
Diodes
Growth Strategy Page 8
Many Paths for Growth:
Product Portfolio
Product arena
Product line expansion
Performance enhancement
Application Space
Targeted end equipment
Broad customer base
Increased product coverage
Packaging Breadth
Broad packaging portfolio
Increased power density
Small form factor |
2006
2010
Product Portfolio Progression
Page 9
Discrete
Diodes
MOSFETs
Rectifiers
Transistors
Protection Devices
Analog
Power Management
Power Switches
Standard Linear
Sensors
LED Drivers
Logic
Low Voltage CMOS
High Speed CMOS
Advanced Ultra-Low
Power CMOS |
SKY
Rectifiers MOSFETs
Bipolar LDO
DC-DC
(Asynchronous)
Performance Enhancement
Page 10
Diodes
product upgrade has expanded our SAM.
Rectifiers) (Vb < 400v)
DIOFET
TM
(Low
R
DS(on)
,
Vb
<
100V)
CMOS LDO
(Low power)
DC-DC
(Asynchronous, high current)
DIODESTAR
TM
Rectifiers
(Vb > 600v)
DIODESTAR
TM
MOSFETs
(Ultra
low
R
DS(on)
,
Vb
>
600V)
Low Noise LDO
DC-DC
(Synchronous, with
low & high current)
SBR
®
(Super
Barrier |
Efficiency, Functionality and Control for Smartphones
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 / Holstor 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
Audio Amplifier
Class D Amplifier |
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®
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
Class D Amplifier |
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
Class D Amplifier
Wireless Connectivity
DC-DC Converters
Low Dropout Regulators |
Page
14 Packaging Focus: Miniaturization and Power Efficiency
DFN0603-2
DFN0806-3
DFN1006-2
QFN 3~16 pin
0.4mm DFN
SOT143/SC82
SOT23F
SOT23/523
SC59
SOD-323F
SOD123/323
SOT666
SOT953/963
SOT26/363
SOT25/353
TSOT23-3/5/6
QSOP16/20L
MSOP8/10
SOIC-8/10
TSSOP8
TSSOP14/16
SOIC14/16
TO252
TO220/263/
ITO220S
SOT223
SIP-3/4
PM-III
PD-5
PD-123/323
Power DI 5060
Power DI 3030
Non-expose Pad
Power DI 3333
WL-CSP
DFN1114-3
Pyramid Stack
DFN5060-4
Bridge
Power DI 4040
Copper + Clip
SOLAR
PowerDI-5SP
E-CSP
Flip chip/Wafer Mold
QFN 32 pin
DFN4030C-12
DFN0808-4
0.35mm Thickness
SLP3010N9 |
Page
15 Packaging Focus: Miniaturization and Power Efficiency
Power Efficiency
Miniaturization
DFN 0603-2 Possibly
the smallest Discrete
semiconductor package.
Compared to a TO252, the
PowerDI
®
5 package delivers
twice the power density from
a 55% smaller footprint.
PowerDI
®
5
TO252 |
Efficient Manufacturing + Superior Processes
Page 16
Shanghai-based packaging with capacity
approximately 30 billion units
Flexible and optimized manufacturing
process = low packaging cost
Additional packaging facilities in Neuhaus,
Germany and joint venture in Chengdu,
China
Two discrete fabs, two analog fabs
in Kansas City, Missouri (5
and
6), Oldham,United Kingdom (6),
and Shanghai (6) respectively
Bipolar, BiCMOS, CMOS and BCD
process
Strong engineering capabilities
Packaging
Wafer Fabs
Economies of Scale: Production Units in Shanghai (bn)
CapEx
Model
=
5%
-
9%
of
2013
Revenue
0
2
4
6
8
10
12
14
16
18
20
22
24
26
28
30
32
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
20.3
27.8
30.0
1.3
2.1
3.4
5.4
8.2
11.8
15.4
16.7
16
23.2
25.3
24.2 |
Collaborative Customer Relationships
Page 17 |
Annual Revenue Growth Rates
Outperforming the Industry
Page 18
2003 to 2012 Growth
Diodes Inc.: 19%
SAM Industry: 4.3%
Industry (Discrete + Analog + Logic)
*Acquisition Years
18.2%
35.60%
15.6%
59.9%
16.9%
8.0%
4.0%
41.1%
3.6%
0.20%
8.1%
18.1%
3.3%
13.5%
0.5%
1.3%
12.2%
34.4%
6.2%
7.8%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
70%
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
-
-
-
-
-
-
- |
Revenue Growth
( In millions )
+41%
+3.6%
-0.2%
$177
1Q
$137
$186
$215
$343
$401
$433
$434
$613
$635
$634
0
100
200
300
400
500
600
700
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013 |
Revenue Profile
1Q2013
By Channel
By Region
By End Market
Page 20
Asia Pacific
Europe
North America
Distribution
OEM / EMS
Industrial
Consumer
Communications
Automotive
Computing
59%
41%
11%
79%
10%
29%
19%
17%
31%
4%
Communications |
First
Quarter 2013 Financial Performance Page 21
In millions, except per share
1Q12
4Q12
1Q13
Q/Q
Y/Y
Revenue
$144.7
$163.3
$177.0
$13.7
$32.2
Revenue Growth
8.4%
22.3%
Gross Margin % (GAAP)
23.3%
26.5%
26.1%
-40bp
280bp
Gross Margin % (non-GAAP)
23.3%
26.5%
27.1%
60bp
380bp
Operating Profit (GAAP)
$33.7
$43.2
$46.2
$3.0
$12.5
Net Income (GAAP)
$4.9
$4.1
-$1.9
-$6.0
-$6.8
Net Income (non-GAAP)
$4.1
$6.2
$7.5
$1.3
$3.4
EPS (GAAP)
$0.10
$0.09
-$0.04
-$0.13
-$0.14
EPS (non-GAAP)
$0.09
$0.13
$0.16
$0.03
$0.07
Cash Flow from Operations
$13.4
$16.4
$31.3
$14.9
$17.9
EBITDA (non-GAAP)
$21.2
$24.1
$23.1
-$1.0
$1.9 |
Balance Sheet
Page 22
Dec 31, 2012
Cash
$130
$157
$200
Inventory
$140
$153
$182
Current Assets
$427
$491
$612
Total Assets
$793
$920
$1145
Other Long-term Debt
$ 3
$ 44
$ 214
Total Liabilities
$144
$200
$432
Total Equity
$649
$720
$712
Mar 31, 2013
Dec 31, 2011
(adjusted)
In millions |
2Q
2013 Business Outlook Page 23
A summery of the guidance for GAAP and non-GAAP financial measures as
follows: GAAP
Non-GAAP
Revenue $(millions)
$206 to $218
$206 to $218
Sequential growth (%)
16% to 23%
16% to 23%
Gross Margin (% of Revenue)
25.0% to 29.0%
27.0% to 31.0%
Operating Expense (% of Revenue)
22.6% to 24.6%
20.3% to 22.3%
Tax Rate (%)
14% to 20%
14% to 20%
Shares (million)
47.4
47.4 |
Strategy: Profitable Growth
Page 24 |
25
A Strong Global Partnership
2012 Revenue
$634m*
2012 Gross Margin
25.1%
High volume Discrete,
Analog and Logic products
Cost efficient packaging
capabilities
Strong global presence
Broad product and
customer base
Consumer, computing and
industrial focus
Expanded application
platform and broader
Analog footprint
Manufacturing synergies
Operating synergies
End equipment
diversification
Expanded customer base
and distribution channels
Expanded Asian position
SYNERGIES
+
=
A Winning Combination
2012 Revenue
$142m*
2012 Gross Margin
27.5%
Solid Standard Linear and
Power Management offering
Strong AC/DC Solutions for
Switch-Mode Power Supply
chargers and adaptors
Cost effective China wafer
fab capability and capacity
Extensive China-based
development team
Strong China-local market
position.
* 2012 Pro Forma Financials = 3Q 2012 YTD plus mid-point of 4Q 2012
guidance |
26
BCD Fits Diodes
M&A Strategy
MUST HAVEs
PLUS FACTORS
Accretive in 1 year
Enter new product area
Increase existing product portfolio
Gain access to process and/or packaging technology
Strengthen regional sales potential
1
1
1
1
2
1
Degree of
FIT
1=Very synergistic, 2=Synergistic, 3=Fairly Synergistic
26
Synergistic with Diodes packaging capabilities and capacity |
Diodes Strategy: Profitable Growth
Page 27
is another key milestone |
Thank you
Company Contact:
Diodes Incorporated
Laura Mehrl
Director of Investor Relations
P: 972-987-3959
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
Diodes was named one of
the 10 Best Stocks of the
Past 20 Years
March 2012 |