Attached files
| file | filename |
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| 8-K/A - AMENDMENT NO. 2 TO FORM 8-K - DIODES INC /DEL/ | d285447d8ka.htm |
| EX-99.1 - EX-99.1 - DIODES INC /DEL/ | d285447dex991.htm |
| EX-99.3 - EX-99.3 - DIODES INC /DEL/ | d285447dex993.htm |
 Investor Relations Presentation
February, 2016 EXHIBIT 99.2 |
 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 update to Diodes Incorporated’s first quarter 2016 business outlook as of February 16, 2016, which includes the following: expect revenue to range between $214 million and $235 million, or flat to up 10 percent sequentially, including the first full quarter of revenue from Pericom; expect non-GAAP gross margin to be 30.0 percent, plus or minus 2 percent; non-GAAP operating expenses are expected to be approximately 25.5 percent of revenue, plus or minus 1 percent; expect interest expense to be approximately 3.4 million; expect income tax rate to be 28 percent, plus or minus 3 percent, and shares used to calculate diluted EPS for the first quarter are anticipated to be approximately 49.5 million; purchase accounting adjustments related to Pericom and previous acquisitions of $8.0 million after tax are not included in these non-GAAP estimates; 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 risk that such expectations may not be met: the risk that the expected benefits of acquisitions may not be realized; 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; breaches of our information technology systems; and other information, including the “Risk Factors,” 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 releases on February 16, 2016 titled, “Diodes Incorporated Reports fourth Quarter and Fiscal 2015 Financial Results” and on March 11, 2016 titled, “Diodes Incorporated Reports Revised Fourth Quarter 2015 GAAP EPS of ($0.10) Previously Reported Non-GAAP EPS of $0.14 Remains Unchanged” for detailed information related to the Company’s non-GAAP measures and a reconciliation of GAAP net income to non-GAAP net income. |
 Management
Representative Page 3
Dr. Keh-Shew Lu President and CEO Diodes Incorporated Since 2005 Texas Instruments 27 years
Experience: Senior Vice President of TI Worldwide Analog and Logic 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, 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 |
 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 consumer,
computing, communications,
Industrial and automotive segments. About Diodes Incorporated |
 Business
Objective To consistently achieve
above-market profitable
growth, utilizing our innovative and
cost-effective packaging
and silicon
technology, suited for high volume,
high growth
markets by leveraging
process expertise and design excellence
to deliver high quality semiconductor products.
Page 6 |
 2015
Total Semiconductor Market ($335 bn) Significant Market
Opportunity Page 7
$140 bn $33 bn $77 bn $45 bn $21 bn Diodes’ SAM: $10 - $12 bn Diodes’ SAM: $14 - $16 bn Opto $19 bn Std Logic Analog Discrete Micro/Special Memory Diodes’ SAM: $1 - $3 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 AC-DC Converters Logic Low Voltage CMOS High Speed CMOS Advanced Ultra-Low Power CMOS |
 SKY
Rectifiers MOSFETs
Bipolar LDO DC-DC (Asynchronous) AC-DC (Secondary side controllers) LED Drivers (DC Input) Performance Enhancement Page 10 Diodes’ product upgrade has expanded our SAM. SBR ® (Super Barrier Rectifiers) (Vb < 400v) DIOFET TM (Low R DS(on) , Vb < 100V) CMOS LDO (Low
power) DC-DC
(Asynchronous, high current)
AC-DC (Primary side controllers, Secondary side controllers) LED Drivers (AC Input) 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) AC-DC (Quick Charging Controller solutions) LED Drivers (Full-Voltage Range, Triac- Dimmable/Non-Dimmable) |
 Efficiency, Functionality and Control for Smartphones
Page 11 LED 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 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 System Interface USB Power Switches Zener and TVS Arrays |
 Page
12 Strong Relationships Drive LCD/LED TV Product Roadmaps
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 |
 Page
13 Product Breadth and Performance for Computing Platforms
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 Automotive
Networking ESD Protection TVS Protection Seat Control Module Hall Sensor SBR IntelliFET ® Voltage Reference Body Control Module Bipolar Transistors Shunt Regulator Voltage Reference IntelliFET MOSFETs Hall Sensor Braking Control Unit Voltage Reference IntelliFETs MOSFETs Hall Sensor Powertrain MOSFET Hall Sensor Super Barrier Rectifier ® (SBR) Daytime Running Lights LED Drivers Schottky Diodes MOSFETs Bipolar Transistors Interior Light LED Drivers Schottky Diodes MOSFETs Bipolar Transistors SBR and IntelliFET are registered trademarks of Diodes Incorporated Automotive Quality for Demanding Automotive Applications |
 Page
15 Power and Signal Management for the Broad Industrial Market
Power Management AC-DC Converters DC-DC Converters LDO Regulators HV Regulators Shunt Regulators Gate Drivers Synchronous Rectifiers HV Rectifiers and Bridges SBRs HV Switches Signal Conditioning Op Amps Comparators Linear Hall Voltage Reference Logic Current Monitors ESD Protection TVS Protection Illumination LED Drivers Synchronous Rectifiers HV Rectifiers and Bridges SBRs HV Switches MOSFETs System Protection Hall Sensors ESD Protection TVS Protection Motor Control Hall Sensors Motor Control/Drivers MOSFETs H-Bridges SBR Gate Drivers Actuators/Drivers Hall Sensors Relay Drivers IntelliFET MOSFETs |
 Page
16 Market Trend
Complete Charger and Power Adapter Solution and Trend
Primary Rectifiers Bridges Diodes Switches HV BJT PSR Controllers AP3775/6 Secondary Rectifiers Schottky Diodes SBR ® Sync. Rectifiers Standby Power Cost System Efficiency New Technology PSR Accelerator AP434X |
 TSSOP-8/14/16L SOT89 SC59 SOT353/363 SOT143/SC82 SOT543/553 /563/666 SOT223 ~ 2015 SOT953/963 QSOP-16/20L TSOT23-5/6 DFN0603 PowerDI-5SP Power5060-8L ITO220AC-S DFN1114-3 DFN5060-4 Power3333-8L DFN0808-4 DFN0806-3 PD-123/323 PowerDI3030 MSOP-8/10L TO263-2/3/5L TO220-3L SOP-8/14/16L-EP MSOP-8/EP TO252-2/3/4/5L SOD523 SOD323/-F SOIC-14/16L TO220-5L ITO220S TO262AA QFN5050-32 SOP-8L QFN4040-20 PowerDi-5 SOT523 SOT25/26 PDI3333-8 (Stack die + Clip) DFN0604-3 2016 ~ TO252-4L(Auto) (Stack die+Al wire) SOD123 DFN0806-6 Packaging Focus: Miniaturization and Power Efficiency Page 17 PM-III SOD923 D2PAK-7L DFN1212-4 (Flip Chip QFN) DFN1616-2 DFN1310H3-6 QFN3055-28 PD3020B-8 (Pre-mold) DFN2020F-8 |
 Page
18 Packaging Focus: Miniaturization and Power Efficiency
Power Efficiency Miniaturization DDFN0402 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 |
 Page
19 Shanghai-based packaging with capacity
approximately 30 billion units
The new packaging facility in Chengdu has
a potential capacity of 5X that of Shanghai
Additional packaging facilities in Neuhaus,
Germany and 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 & BCD process
Strong engineering capabilities
CapEx Model = 5% - 9% of Revenue Packaging Wafer Fabs Economies of Scale: Loading Percentage in Shanghai Efficient Manufacturing + Superior Processes 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 78.8% 91.0% 80.7% 83.5% 91.4% 81.4% |
 Collaborative Customer Relationships
Page 20 Quanta |
 Annual
Revenue Growth Rates Outperforming the Industry
Page 21 Industry (Discrete + Analog + Logic) 2005 to 2015 Growth Diodes Inc.: 14.7% SAM Industry: 3.1% |
 Revenue
Growth ( In millions )
+41% +3.6% -0.2% +7.7% ( Acquisition Years ) * * * * * +30.5% -4.7%
Page 22 215 343 401 433 434 613 635 634 826.8 890.7 848.9 0 100 200 300 400 500 600 700 800 900 1000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 |
 Revenue
Profile – 4Q2015
By Channel By Region By End Market Page 23 9% 81% 10% Asia Pacific Europe North America 66% 34% Distribution OEM / EMS 18% 20% 25% 32% 5% Industrial Consumer Communications Automotive Computing |
 Page
24 Summary of Year 2015
Completed the acquisition of Pericom
Semiconductor on November 24 and included the initial purchase
accounting adjustments in the fourth quarter 2015 GAAP results;
Revenue was $848.9 million, a decrease of 4.7 percent over the $890.7 million in
2014; Non-GAAP Gross profit was $251.6 million as compared to GAAP
gross profit of $277.3 million in 2014; Non-GAAP gross margin was
29.6 percent compared to GAAP gross margin of 31.1 percent in 2014; GAAP
net income was $24.3 million, or $0.49 per diluted share, compared to $63.7 million, or $1.31 per diluted share in 2014; Non-GAAP net income was $42.3 million, or $0.86 per diluted share, compared to $70.1 million, or $1.44 per
diluted share in the prior year;
Excluding share-based compensation expense, both GAAP and non-GAAP adjusted
diluted ESP would have increased by an additional $0.05 per diluted
share in the fourth quarter and $0.20 for the full year. Achieved $118.1
million cash flow from operations and negative $15.1 million free cash flow, which includes $133.2 million of capital expenditure. Net cash flow was a negative $24.6 million, which includes the pay
down of $66 million of long-term debt.
Re-Purchased 466,010 shares of common stock totaling $11.0 million.
|
 Fourth
Quarter 2015 Financial Performance Page 25
In millions, except per share
4Q14 3Q15 4Q15 Revenue $223.7 $208.9 $214.4 Revenue Growth -4.2% 2.6% Gross Profit (GAAP) $70.7 $61.6 $53.6 Gross Profit Margin % (GAAP) 31.6% 29.5% 25.0% Net Income (GAAP) $16.7 $2.8 -$4.8 Net Income (non-GAAP) $18.3 $6.3 $6.7 EPS (non-GAAP) $0.38 $0.13 $0.14 Cash Flow from Operations $26.9 $45.5 $19.7 EBITDA (non-GAAP) $42.7 $29.7 $16.6 |
 Balance
Sheet Page 26
Dec 31, 2014 Cash $197 $243 $218 Short-term Investments $23 $12 $65 Inventory $180 $182 $203 Current Assets $650 $687 $751 Total Assets $1162 $1179 $1601 Long-term Debt $183 $141 $456 Total Liabilities $419 $369 $758 Total Equity $744 $810 $843 Dec 31, 2015 In millions Dec 31, 2013 |
 Page
27 Expect revenue to range between $214 million and $235 million, or flat
to up 10 percent sequentially, including the first full quarter of
revenue from Pericom; Expect non-GAAP gross margin to be 30.0 percent,
plus or minus 2 percent; Non-GAAP operating expenses are expected to
be approximately 25.5 percent of revenue, plus or minus 1 percent;
Expect interest expense to be approximately 3.4 million;
Expect income tax rate to be 28 percent, plus or minus 3 percent, and shares
used to calculate diluted EPS for the first quarter are anticipated to be
approximately 49.5 million; and
Purchase accounting adjustments related to Pericom and previous acquisitions
of $8.0 million after tax are not included in these non-GAAP
estimates. 1Q 2016 Business Outlook |
 Diodes Strategy: Profitable Growth Page 28 |
 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 |