Diodes (DIOD) FY2022 results: revenue $2.0 billion, up 10.8% on the year

Diodes Inc. (DIOD) reported revenue of $2.0 billion for fiscal 2022, the year ended 31 December 2022, up 10.8% on the year before. Net income was $331 million, up 44.8%, and diluted earnings per share $7.20. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2023.

Revenue

$2.0 billion

+10.8% on the year

FY2015FY2022

Operating margin

20.4%

15.3% a year earlier

FY2015FY2022

Net income

$331 million

+44.8% on the year

FY2015FY2022

Diluted EPS

$7.20

+44.0% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	2,001	1,805	1,229	+10.8%
Cost of revenue	1,173	1,135	798	+3.4%
Gross profit	827	670	431	+23.4%
Gross margin	41.3%	37.1%	35.1%
Research and development	126	119	94.3	+6.0%
Selling, general and administrative	281	258	185	+9.0%
Operating income	408	276	134	+47.9%
Operating margin	20.4%	15.3%	10.9%
Interest expense	8.3	7.5	11.7	+11.1%
Pre-tax income	396	315	120	+25.7%
Income tax	56.7	78.8	21.1	-28.1%
Effective tax rate	14.3%	25.0%	17.5%
Net income	331	229	98.1	+44.8%
Net margin	16.6%	12.7%	8.0%
Diluted EPS	$7.20	$5.00	$1.88	+44.0%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	393	339	187	+15.9%
Capital expenditure	212	141	75.8	+50.0%
Free cash flow	181	197	111	-8.4%
Free cash flow margin	9.0%	10.9%	9.1%
Cash from investing	-265	-144	-107
Cash from financing	-126	-158	-54.3
Depreciation and amortisation	128	122	108	+4.3%
Share-based compensation	36.3	33.2	25.3	+9.3%
Buybacks	0.0	0.0	297
Diluted shares, weighted	46m	46m	52m	+0.6%
Shares outstanding at period end	45m	45m	44m	+1.0%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,514	1,237	964	+22.3%
Non-controlling interest	69.3	65.5	52.3	+5.8%
Debt	185	301	451	-38.4%
Operating lease liabilities	20.8	22.3	27.0	-6.8%
Finance lease liabilities	0.0	0.0	0.0	+100.0%
Other liabilities	499	568	486	-12.2%
Total liabilities and equity	2,288	2,194	1,979	+4.3%
Fixed assets	737	582	531	+26.6%
Goodwill	145	150	158	-3.4%
Intangible assets	79.1	94.5	111	-16.3%
Investments	30.0	53.5	24.4	-44.0%
Cash and equivalents	337	364	268	-7.4%
Receivables	369	358	320	+3.0%
Inventory	360	349	307	+3.3%
Other assets	231	244	260	-5.0%
Total assets	2,288	2,194	1,979	+4.3%

10-K for the year ended 31 December 2022, filed 10 February 2023: the filing.