Diodes(DIOD)2025-02-14 22:00Financial Performance - Fourth quarter 2024 revenue was $339.3 million, a 5% increase year-over-year from $322.7 million in Q4 2023[4] - GAAP gross profit for Q4 2024 was $110.9 million, with a gross profit margin of 32.7%, down from 34.9% in Q4 2023[4] - GAAP net income for Q4 2024 was $8.2 million, or $0.18 per diluted share, compared to $25.3 million, or $0.55 per diluted share in Q4 2023[8] - Non-GAAP adjusted net income for Q4 2024 was $12.5 million, or $0.27 per diluted share, down from $23.4 million, or $0.51 per diluted share in Q4 2023[9] - EBITDA for Q4 2024 was $40.7 million, representing 12.0% of revenue, compared to 18.1% in Q4 2023[11] - Net income attributable to common stockholders for the three months ended December 31, 2024, was $8.241 million, a significant decline from $25.292 million in the same period of 2023, representing a decrease of approximately 67.4%[24] - Diluted earnings per share for the twelve months ended December 31, 2024, was $0.95, compared to $4.91 in 2023, indicating a decrease of about 80.7%[24] - Non-GAAP adjusted net income for the three months ended December 31, 2024, was $12.465 million, compared to $23.424 million in the same period of 2023, a decrease of approximately 46.8%[26] - EBITDA for Q4 2024 was $40.746 million, compared to $58.353 million in Q4 2023, reflecting a decrease of approximately 30.3%[50] - Net income for Q4 2024 was $8.241 million, down from $25.292 million in Q4 2023, representing a decline of about 67.5%[50] Cash Flow and Assets - Cash flow from operations for Q4 2024 was $81.8 million, with free cash flow of $62.1 million after $19.7 million in capital expenditures[12] - Free cash flow (FCF) for Q4 2024 was $62.1 million, indicating the cash generated after capital expenditures[47] - As of December 31, 2024, the company had approximately $322 million in cash and cash equivalents and total debt of approximately $52 million[13] - Total current assets increased to $1,224.153 million in Q4 2024 from $1,187.385 million in Q4 2023, a growth of approximately 3.1%[52] - Cash and cash equivalents decreased to $308.671 million in Q4 2024 from $315.457 million in Q4 2023, a decline of about 2.5%[52] - Inventories rose to $474.948 million in Q4 2024, up from $389.774 million in Q4 2023, an increase of approximately 21.8%[52] - Total liabilities decreased to $517.334 million in Q4 2024 from $557.982 million in Q4 2023, a reduction of about 7.3%[52] - Stockholders' equity increased to $1,795.301 million in Q4 2024 from $1,740.741 million in Q4 2023, reflecting a growth of approximately 3.1%[52] Expenses and Charges - Research and development expenses for the three months ended December 31, 2024, were $33.207 million, slightly up from $32.957 million in the same period of 2023, showing an increase of approximately 0.8%[24] - Total operating expenses for the twelve months ended December 31, 2024, were $385.412 million, down from $407.611 million in 2023, reflecting a decrease of about 5.4%[24] - The company recorded a restructuring charge of $8.591 million for the twelve months ended December 31, 2024, compared to $1.583 million in 2023, indicating a significant increase in restructuring costs[24] Future Outlook - The company expects Q1 2025 revenue to be approximately $323 million, representing a 4.8% sequential decrease but a 7% year-over-year growth[15] - GAAP gross margin for Q1 2025 is expected to be 32.5%, with non-GAAP operating expenses projected at approximately 30.0% of revenue[15] - The company maintains a strong position in Asia and aims to expand growth in automotive and industrial markets, as well as capitalize on AI-related opportunities[5] Other Financial Metrics - Interest income for the twelve months ended December 31, 2024, was $18.303 million, up from $13.338 million in 2023, representing an increase of approximately 37.4%[24] - The company reported a foreign currency loss of $6.308 million for the twelve months ended December 31, 2024, compared to a loss of $5.264 million in 2023, indicating a worsening in foreign currency impacts[24] - Goodwill increased to $181.555 million in Q4 2024 from $146.558 million in Q4 2023, a rise of approximately 23.8%[52]