Diodes (DIOD) FY2021 results: revenue $1.8 billion, up 46.9% on the year

Diodes Inc. (DIOD) reported revenue of $1.8 billion for fiscal 2021, the year ended 31 December 2021, up 46.9% on the year before. Net income was $229 million, up 133.2%, and diluted earnings per share $5.00. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2022.

Revenue

$1.8 billion

+46.9% on the year

FY2014FY2021

Operating margin

15.3%

10.9% a year earlier

FY2014FY2021

Net income

$229 million

+133.2% on the year

FY2014FY2021

Diluted EPS

$5.00

+166.0% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	1,805	1,229	1,249	+46.9%
Cost of revenue	1,135	798	783	+42.2%
Gross profit	670	431	466	+55.5%
Gross margin	37.1%	35.1%	37.3%
Research and development	119	94.3	88.5	+26.4%
Selling, general and administrative	258	185	181	+39.3%
Operating income	276	134	201	+105.4%
Operating margin	15.3%	10.9%	16.1%
Interest expense	7.5	11.7	7.9	-35.8%
Pre-tax income	315	120	198	+161.8%
Income tax	78.8	21.1	44.1	+273.3%
Effective tax rate	25.0%	17.5%	22.3%
Net income	229	98.1	153	+133.2%
Net margin	12.7%	8.0%	12.3%
Diluted EPS	$5.00	$1.88	$2.96	+166.0%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	339	187	230	+80.8%
Capital expenditure	141	75.8	98.5	+86.2%
Free cash flow	197	111	131	+77.1%
Free cash flow margin	10.9%	9.1%	10.5%
Cash from investing	-144	-107	-100
Cash from financing	-158	-54.3	-112
Depreciation and amortisation	122	108	110	+13.4%
Share-based compensation	33.2	25.3	20.5	+31.5%
Buybacks	0.0	297	n/a
Diluted shares, weighted	46m	52m	52m	-12.2%
Shares outstanding at period end	45m	44m	51m	+1.7%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	1,237	964	1,106	+28.4%
Non-controlling interest	65.5	52.3	46.4	+25.2%
Debt	301	451	111	-33.2%
Operating lease liabilities	22.3	27.0	27.5	-17.6%
Finance lease liabilities	0.0	0.0	0.1	-4.2%
Other liabilities	568	486	348	+17.0%
Total liabilities and equity	2,194	1,979	1,639	+10.9%
Fixed assets	582	531	470	+9.7%
Goodwill	150	158	141	-5.3%
Intangible assets	94.5	111	120	-14.5%
Investments	53.5	24.4	4.8	+119.1%
Cash and equivalents	364	268	258	+35.6%
Receivables	358	320	260	+12.0%
Inventory	349	307	236	+13.5%
Other assets	244	260	149	-6.3%
Total assets	2,194	1,979	1,639	+10.9%

10-K for the year ended 31 December 2021, filed 18 February 2022: the filing.