Included in 2015 GAAP and non-GAAP net income was approximately $10.1 million, net of tax, of non-cash share-based compensation expense. Excluding this expense, both GAAP and non-GAAP diluted EPS would have increased by an additional $0.20 per diluted share. Included in 2014 GAAP and non-GAAP net income was approximately $9.2 million, net of tax, of non-cash share-based compensation expense. Excluding this expense, both 2014 GAAP and non-GAAP diluted EPS would have increased by an additional $0.19 per diluted share.
EBITDA, which represents earnings before net interest expense, income tax provision, depreciation and amortization, for 2015 was $129.5 million, compared to $163.7 million for 2014. For a reconciliation of GAAP net income to EBITDA (non-GAAP), see the table near the end of the release for further details.
For fiscal 2015, net cash provided by operating activities was $119.8 million. Net cash flow was ($24.6) million. Free cash flow was ($13.4) million, which includes $133.2 million of capital expenditures.
Balance Sheet
As of December 31, 2015, the Company had approximately $283 million in cash, cash equivalents and short-term investments, long-term debt totaled approximately $466 million, and working capital was approximately $571 million.
Share Repurchase
During the fourth quarter, Diodes returned approximately $11.0 million of cash to shareholders by repurchasing approximately 466,010 shares of common stock under its previously announced share repurchase program.
The results announced today are preliminary, as they are subject to the Company finalizing its closing procedures and customary quarterly review by the Company's independent registered public accounting firm. As such, these results are subject to revision until the Company files its Annual Report on Form 10-K for the fiscal year 2015.
Business Outlook
Dr. Lu concluded, “For the first quarter of 2016, we 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. We 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. We expect interest expense to be approximately $3.4 million and our income tax rate to be 28 percent, plus or minus 3 percent. Shares used to calculate diluted EPS for the first quarter are anticipated to be approximately 49.5 million.” Note that purchase accounting adjustments related to Pericom and previous acquisitions of $7.3 million after tax are not included in these non-GAAP estimates.
Conference Call
Diodes will host a conference call on Tuesday, February 16, 2016 at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) to discuss its fourth quarter and fiscal year financial results. Investors and analysts may join the conference call by dialing 1-855-232-8957 and providing the confirmation code 21434065. International callers may join the teleconference by dialing 1-315-625-6979 and enter the same confirmation code at the prompt. A telephone replay of the call will be made available approximately two hours after the call and will remain available until Tuesday, February 23, 2016 at midnight Central Time. The replay number is 1-855-859-2056 with a pass code of 21434065. International callers should dial 1-404-537-3406 and enter the same pass code at the prompt. Additionally, this conference call will be broadcast live over the Internet and can be accessed by all interested parties on the Investors section of Diodes' website at http://www.diodes.com. To listen to the live call, please go to the Investors section of Diodes’ website and click on the conference call link at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. For those unable to participate during the live broadcast, a replay will be available shortly after the call on Diodes' website for approximately 60 days.
About Diodes Incorporated
Diodes Incorporated (Nasdaq:
DIOD), a Standard and Poor's SmallCap 600
and Russell 3000 Index company, is a leading global manufacturer and
supplier of high-quality application specific standard products within
the broad discrete, logic, analog and mixed-signal semiconductor
markets. Diodes serves the consumer electronics, computing,
communications, industrial, and automotive markets. Diodes' products
include diodes, rectifiers, transistors, MOSFETs, protection devices,
function-specific arrays, single gate logic, amplifiers and comparators,
Hall-effect and temperature sensors; power management devices, including
LED drivers, AC-DC converters and controllers, DC-DC switching and
linear voltage regulators, and voltage references along with special
function devices, such as USB power switches, load switches, voltage
supervisors, and motor controllers. Diodes’ corporate headquarters and
Americas' sales office are located in Plano, Texas. Design, marketing,
and engineering centers are located in Plano; Milpitas, California;
Taipei, Taiwan; Taoyuan City, Taiwan, Zhubei City, Taiwan, Manchester,
England; and Neuhaus, Germany. Diodes’ wafer fabrication facilities are
located in Kansas City, Missouri and Manchester, with an additional
facility located in Shanghai, China. Diodes has assembly and test
facilities located in Shanghai, in Jinan, in Chengdu, and in Yangzhou,
China, as well as in Hong Kong, Neuhaus and in Taipei. Additional
engineering, sales, warehouse, and logistics offices are located in
Taipei; Hong Kong; Manchester; Shanghai; Shenzhen, China; Seongnam-si,
South Korea; and Munich, Germany, with support offices throughout the
world.
