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Exhibit 99.3
DIOD 3Q10 Q&A TRANSCRIPT
QUESTION AND ANSWER
Operator
(Operator Instructions) Shawn Harrison, Longbow Research.
Shawn
Harrison - Longbow Research - Analyst
Mark, maybe just a clarification. What was the point of sale again? Then I guess with that
number, I guess youre seeing some maybe a little bit of destocking in Asia but continued
strength in North America and Europe. What does that portend in terms of typical seasonality for
the March quarter? Are you going to still see potential destocking in Asia distributors?
Mark
King - Diodes Incorporated - SVP, Sales and Marketing
Actually, I think the POS was up 17% globally and I think the inventory actually increased a
little bit in the quarter but pretty much in range with the POS. I think its in line to support
the POS we required.
I dont think you are going to see I think you will probably see an inventory flat to slightly
up going into the March quarter and well position we generally grow a little bit of inventory
in the first quarter and then we level it off in the second quarter in Asia.
Shawn
Harrison - Longbow Research - Analyst
Okay and then as a follow-up to that, maybe for you or for Dr. Lu, with the supply and demand
environment coming in more of equilibrium, what is the risk to the pricing environment? How quickly
could it roll away or is it we are not a situation where things are that free that you are going
to see abnormal pricing pressure as you get into kind of a seasonally weaker period?
Keh-Shew
Lu - Diodes Incorporated - President and CEO
Let me answer that first and then Ill let Mark King edit. In third quarter, our what we call
mix independent which means the same product going from one quarter to the other quarter
at the same product, we see some slightly ASP decrease. So we will see the same trend going to the fourth
quarter.
But fortunately is we take opportunity to change the product mix. So if you look at our ASP, we say
its very stable and even going up slightly, but not really because we raised the price and its
not really just due to the support and demand and supply out of balance.
We do not really go to raise the price. What we do is we take this opportunity when you get
shortage, we change the product mix. And in addition on that product mix, we have a lot of new
products coming out a better profit margin, gross margin, which again helps the GPM percent.
So, going to the fourth quarter, yes, we would see, we already anticipate the ASP could be a little bit
more aggressively more but in our guidance, we said with all the new product, with the price mix,
were hoping we can get the GPM percent flat we will not expect another big increase like
from Q2 to Q3 but our guidance we say would be flat Q3 to Q4.
Mark
King - Diodes Incorporated - SVP, Sales and Marketing
Just in general, the ASP climate in the marketplaces, I think well see some things, that
well see a little bit of pressure since there has been really very little pressure on the downside
all year. But I dont think its going to be anything dramatic.
I think it will be typical. there was some slight changes in Q4 and maybe a little bit moving into
Q1, but I dont think were going to see any major changes.
Theres still a lot of product areas that still seem seeing some tight supply and I think
customers are being relatively careful and vendors are being relatively conservative in making
changes.
Shawn
Harrison - Longbow Research - Analyst
Thank you for the insights, everyone, and congrats on a good quarter again.
Keh-Shew
Lu - Diodes Incorporated - President and CEO
Thank you.
Operator
Harsh Kumar, Morgan Keegan.
Harsh
Kumar - Morgan Keegan & Co., Inc. - Analyst
First of all, let me also add my congratulations; tremendous execution all around gross
margin, OpEx, everything. Having said that, maybe a question for Mark King.
Can you talk about how you are feeling about your computer and your consumer business? And then I
have one more follow-up. Im talking about the fourth quarter specifically, how you feel about
those two lines.
Mark
King - Diodes Incorporated - SVP, Sales and Marketing
I think you know, actually, I think we pretty feel pretty good about our consumer business.
In Asia have we see some opportunity for some expansion or to at least hold our position and I
think really in the computer area, were seeing some down in panels but notebook kind of goes back
to somewhere between flat to up, and we have some new content in some of our product lines in
there. So I think were relatively comfortable that were in our guidance range in those
categories.
Harsh
Kumar - Morgan Keegan & Co., Inc. - Analyst
Okay, okay. And I think your industrial and comm business shot up very hard. You alluded in
your commentary to some explanation on what mightve driven that.
Is this is any of this coming from Zetex or all of it? Or also is this simply a function of you
guys getting more settled into Europe or is there something else also thats going on there?
Mark
King - Diodes Incorporated - SVP, Sales and Marketing
Youll see clearly, our Europe numbers have been strong. And as I mentioned in here, Id
say Europe is probably the strongest market going into Q4. Its predominantly a small amount of
consumer and a strong industrial.
Industrial in Europe was up 40% quarter over quarter. So we think the industrial business in Europe
is responding later to all of this and that these customers some of them are just getting hot at
this point.
We also had a very strong North American number as well as our SBR products and power supply are
driving some pretty good numbers in Asia. So I think all along, weve got some good strength in the
industrial segment.
Harsh
Kumar - Morgan Keegan & Co., Inc. - Analyst
Got it. Last if I can, just a housekeeping question. Tax rate, should we think of 20% as a
next year kind of a tax rate or 17.5%? Any kind of color that you guys can give us would be
helpful.
Rick
White - Diodes Incorporated - CFO, Secretary and Treasurer
Yes, this is Rick. I think next year you could assume that it would be similar to what we have
in the fourth quarter.
Harsh
Kumar - Morgan Keegan & Co., Inc. - Analyst
Okay, thanks. Thank you.
Operator
Steve Smigie, Raymond James.
Steve
Smigie - Raymond James & Associates - Analyst
Wanted to also add my congratulations on some great performance. Just if you could talk a
little bit more about the facility in Chengdu and how soon does the Shanghai facility fill up? When
do you need to start ramping there? Will there be extra CapEx and what sort of competitive
advantages does that facility give you?
Keh-Shew Lu - Diodes Incorporated - President and CEO
Well the Shanghai facility still has several years. I dont know if you visit there or not
recently, were building the second and the second building is bigger or actually 2x size of the
first building and we still have several floors to go in the second building.
And then, after that, if we need it, then well add one more floor on both buildings and then we
can move our warehouse to outside. So we probably in the probably depending on how fast we grow,
I think our outlook can be probably almost double before we fill up.
So
depending on how we grow, but we now I think Ricks number, were talking about 6.4
billion units (multiple speakers) in third quarter. So we are talking about another 6 to 8%
growth in fourth quarter. And you know, we are talking about almost double that output if we do
everything we can and that facility will be full.
So you can see it probably still has several years ago. But we dont want to wait that long, so we
started looking in Chengdu and well eventually build it up.
So, you will not see a major CapEx expenditure. It will be just part of in our business model
talking about 10 to 12%. Now this year is a little higher because we underexpanded last year.
So this year we are about a little bit higher than last year. But were going to be still within
our business model to 10 to 12%. And you will not really see a major expenditure major capital
expenditure for that.
The reason we really go to Chengdu is really for the risk reductions. Most of our output is from
Shanghai and we really need to have another site to spread out the risk and thats why we are now
moving to Chengdu to build up the Chengdu facility. Did that answer your question?
Steve Smigie - Raymond James & Associates - Analyst
Yeah, that was great. Thank you, I appreciate that. Dr. Lu, you also mentioned were in an
environment where were returning more to more normal seasonality.
What would you guys Im not saying that you would necessarily do seasonality in Q1, but what
would you consider a seasonal Q1 quarter at this point? Down 5% or something?
And similarly on the gross margin, you guided flat for Q4, but if pricing softens a little bit as
we return to a more normal environment and maybe you have some of the consumer and PC products
start to pick up again relative to your nice industrial, would that also suggest that we should be
a little cautious and maybe theres a little bit of gross margin returning to more normal levels as
we look forward?
Keh-Shew Lu - Diodes Incorporated - President and CEO
Lets talk then about next year, Q1. We dont give the focus on Diodes alone. But in general,
in semiconductor seasonality, Q1 typically is 5 to 10% down and 5 to 10% down depends on actually
Christmas sales.
If you
have very good Christmas sales, then you need to back fill with Shelf then Q1
typically will be low drop. But then if you have you do too much of a quarter for Christmas
and the Christmas sales is not as good, then you have a lot of inventory left over, then Q1
typically will be low.
But now
with China starting to get stronger, which is the Chinese New Year and this year, the
Chinese New Year is at the beginning of February, then youll be struggling in the December and
January to build up for Chinese New Year. Therefore again, Q1 at two months is post Chinese New
Year, then you have more risk of down. So it plays between US Christmas and the Chinese New Year.
But typically were talking about 5 to 10% negative.
And then, we are talking about ASP, I think we already gave the guidance on Q4. So we already
consider the ASP going to be dropped, but then we will try to improve by the mix. So were hoping
our ASP in Q4 will be flat from Q3.
You
wont see the improvement and we will see some flat.
Steve Smigie - Raymond James & Associates - Analyst
If I could just sneak one more in. You guys obviously are pretty good in diodes. There has
been some talk recently as were getting a lot more power efficiency concerns out there that
theres going to be some more use of silicon carbide to accomplish some of the tasks that Diodes
typically accomplished.
How much do you guys do there? I would kind of think not a ton yet? Of is that an area youd guys
would be interested in or not so much using silicon carbide for the diodes or even transistors for
that matter?
Keh-Shew Lu - Diodes Incorporated - President and CEO
Number one, Im not really interested in getting into silicon carbide. And second thing, I
dont really think thats a big threat to us. And our costs are so low other steps want to depress the diodes and
ASP is so low, its not that easy.
Mark King - Diodes Incorporated - SVP, Sales and Marketing
Steve, you know, in my speech and some of the announcements recently, we have talked about
DIODESTAR. That is definitely right there to kind of challenge that efficiency but at a very cost
effective way.
I mean, its really the manufacturable general solution to the requirements of what people are
talking about for efficiency. So I think were going to drive that technology and I think were
going to be able to make it propagate to many more applications than say the costly silicon
carbide.
Operator
Ramesh Misra, Brigantine Advisors.
Ramesh Misra - Brigantine Adivsors - Analyst
First question for Rick. In Q2 you had suffered some foreign exchange losses. Did you have
corresponding foreign exchange gains in Q3 or what is happening on the Forex side?
Rick White - Diodes Incorporated - CFO, Secretary and Treasurer
No, as I mentioned in the speech, we only had about $200,000 of foreign exchange loss in the
third quarter. So those were significantly reduced. The currencies basically stabilized and we
didnt have that issue in the third quarter.
Ramesh Misra - Brigantine Adivsors - Analyst
Okay, are you doing anything more aggressive on a hedging standpoint in that regard or not
really?
Rick White - Diodes Incorporated - CFO, Secretary and Treasurer
No, not really.
Keh-Shew Lu - Diodes Incorporated - President and CEO
I think if you remember, we talked about that before. Its a natural hedge for us because our
operation in Oldham is using euro and then our price and our revenue, most of our revenue in
Europe is using the euro. So its a natural hedge.
It just moved from GPM line and up and down to the SG&A. But the reality is go to the bottom line,
they wash out each other.
Ramesh Misra - Brigantine Adivsors - Analyst
Okay, great. And then Dr. Lu, in regards to commodity pricing, are you seeing any worrying
trends over there? Things like metallization prices or other packaging materials?
Keh-Shew Lu - Diodes Incorporated - President and CEO
You are talking about ASP?
Ramesh Misra - Brigantine Adivsors - Analyst
No, pricing of some of the raw materials; things like copper, aluminum
Keh-Shew Lu - Diodes Incorporated - President and CEO
Well actually, the most the biggest item to affect us is the gold price. We use a lot of
gold and gold prices have been going up tremendously.
So what affects us the most is the gold price. Fortunately,
we are aggressive to convert gold to
copper wire or reduce the dimension of diameter of the gold wires and both give us enough cost
reduction to offset all the material increase.
So for us, we dont have the total material wont affect us that much.
Ramesh Misra - Brigantine Adivsors - Analyst
Okay, great. One final question for Mark. You did talk quite a bit and have been talking a
little bit about the general lighting market from an LED standpoint, Mark. How significant is it
for you at this point and when do you see that portion of your business really beginning to become
that a fair lets say a 5% or 10% portion of your business?
Mark King - Diodes Incorporated - SVP, Sales and Marketing
I dont know if Im really ready to get into that with the numbers in front of me. Im kind of
sitting in Europe and I dont have all my books with me.
But in reality, I think every quarter our business grows in that marketplace and I think the
application horizon for general lighting in our LED drivers grows. So I think were making steady
regular and steady progress. And as we continue to release more products, we are seeing more
options for our product [mostly] in the industrial segment as well as in the automotive segment for
those products.
Keh-Shew Lu - Diodes Incorporated - President and CEO
LED
Lighting actually we are more in the backlighting, like LED TV backlighting or the handheld
instrumentation backlighting. We have more of that product or revenue from that area than the
general illuminations. And general lighting is a major area we are focused on but the revenue from
that side is still not significant at all.
Operator
John Vinh, Collins Stewart.
John Vinh - Collins Stewart - Analyst
First question for Dr. Lu. You keep downplaying at least on past calls kind of your ability to
expand margins above kind of 35%. Obviously with guidance into Q4, this would be kind of three
quarters in a row where you have meaningfully exceeded that 35% gross margin rate. Should we be
thinking about kind of a new sustainable higher gross margin rate for you or should we still be
thinking about kind of 35% over the longer term at this point?
Keh-Shew Lu - Diodes Incorporated - President and CEO
Well, you know, my business model is 35% and we kind of said 35% is what we targeted, but we
dont mind to take opportunity to if we can get higher gross margin, we dont mind to take it.
And yes, we are now probably looking for somewhere around probably say 35 to 37%.
But I still dont want to put the focus on the GPM percent. I still prefer we grow we dont want
to lose business because gross margin is too small. We still try to put the growth as our number
one priority, GPM dollar is more important than GPM percent.
John Vinh - Collins Stewart - Analyst
Got it, got it. Just to follow up to that, you also had talked about your ability to kind of
change mix to drive higher gross margins to offset some of the pricing pressures that you guys have
seen.
With supply coming in balance with demand, how sustainable is that? Is there still an ability for
you to kind of drive higher mix going forward over the next couple of quarters or how do you see
that playing out?
Keh-Shew Lu - Diodes Incorporated - President and CEO
I think looking forward, youre probably going to see the mix will be offset the mix
improvement will be offset by the ASP reductions. Now thats several quarter.
Mix are
weighting the ASP reduction, therefore we can get the GPM improvement or GPM percent
improvement. Move forward, I was thinking ASP drop will be start to getting more significant and
that will be probably balance out by a mix change and therefore thats why I said probably
youre going to start to see somewhere 35 to 37% and you probably wont see continued that GPM from
35.8% in Q2 to 37.4%.
We are saying now fourth quarter probably 37.4% and then move to later on it might start to
drop. Now I do as Mark King already said, we wont see a major drop from that GPM percent
because we have the product mix to offset that.
But when the ASPs start getting really aggressive, were going to see some GPM percent drop. As
soon as theyre better than my business model, I would just keep
the business and do the growth
instead of keep up the business and drop the revenue.
John Vinh - Collins Stewart - Analyst
Great, thank you. Then just last one for me, you had mentioned earlier that you expect your
back-end capacity unit volume to increase by 6 to 10% in Q4.
Wondering if you could kind of reconcile that against kind of the midpoint of your guidance which
is kind of flat to slightly up. Is that mix, ASP, maybe a greater mix of OEM. If you could give me
some color, that would be great.
Keh-Shew Lu - Diodes Incorporated - President and CEO
Well,
you know, when we increase the back-end capacity, if the business is not there, I
think we give the business guidance. Now that business guidance, some of that was due to the ASP
drop but the mix will be covered, and so we put GPM percent about the same.
But, the volume, it will be increased some but that what we really want to do is give us a
little bit of breath room such as that. If the business pick it up, we will not be we will not
lose the revenue opportunity.
If you remember, the whole focus is profitable growth. As long as the GPM is better than 35%, I
really dont want to lose the opportunity just because the capacity constraint. Therefore Im
trying to build a little bit more capacity in case the revenue of business is there.
Operator
Gary Mobley, Benchmark.
Gary Mobley - The Benchmark Company - Analyst
Could you share with us by how much your production lead times shrunk throughout the third
quarter? And could you have done any more revenue in the third quarter if you werent perhaps
overutilized in the early part of the quarter?
Keh-Shew Lu - Diodes Incorporated - President and CEO
Well, I think in our business model, we dont have that much leadtime issue because our
product wafer cost is not high; patient cost is high, much higher. Therefore we always build
up the wafer inventory to support the packaging need.
The packaging leadtime is only probably two weeks. Therefore we really dont see that much of the
leadtime issues.
When you get capacity, we just say yes, we can support it, no we cannot support it. We can see it
and we really do not play with the leadtime.
If we can support it, we take an order. If we cannot support it, we just say no, we cannot. Because
we can very clearly see our capacity and thats why the reason we dont see that much of double
ordering because basically we know the leadtime is two to three weeks.
Gary Mobley - The Benchmark Company - Analyst
Okay, and could you have done more revenue in the third quarter if you had a bit more
capacity?
Keh-Shew Lu - Diodes Incorporated - President and CEO
In the third quarter?
Gary Mobley - The Benchmark Company - Analyst
Thats correct.
Keh-Shew Lu - Diodes Incorporated - President and CEO
We probably at the beginning, yes, so
Mark King - Diodes Incorporated - SVP, Sales and Marketing
If I could take that, Dr. Lu. I think we probably could have done a little bit more commodity
product in the early part of the quarter and maybe even in the latter part of the quarter. But
really I dont think it would be overly material.
Gary Mobley - The Benchmark Company - Analyst
Okay, my next question relates to your foray into the standard logic market. Could you give us
an update there on the timing of perhaps some revenue and when it might become material?
Keh-Shew Lu - Diodes Incorporated - President and CEO
We dont separate our revenue by analog, discrete or logic. What I can say is this. Our
discrete product comes in at the right time when our customers cannot get support from other
vendors.
So theyre very welcome on our logic product and we see a lot of good design wins, but we dont
really separate. Again, those kind of revenue now at the beginning of stage is not really
significant to our total revenues.
This is really a growth driver for probably 2012 to be really significant enough. Mark, do you want
to add it?
Mark King - Diodes Incorporated - SVP, Sales and Marketing
No, I think thats probably on track. I think if you looked at the thing, the progress of the
program, I think we have had distributor acceptance and weve positioned reasonable stock levels to
support the product line across our distributor channel.
I think weve got some very exciting interest from some of our key OEMs in the product line and I
think actually everything is going quite well in the product area. The revenue, we do have revenue
and we have our first orders and so forth that are beyond distributor stocking. But again, its
going to take some period to get the right mix with the right customers and start to get into the
production, major production cycles with these customers.
Operator
Tristan Gerra, Robert Baird.
Tristan Gerra - Robert W. Baird & Company, Inc. - Analyst
How much wafer capacity do you think you would have added year over year and in 2010? And
also, you had said earlier this year you had booked capacity for both Q3 and Q4 on the basis of
your visibility for demand. Are you booking capacity for Q1 at this point?
Keh-Shew Lu - Diodes Incorporated - President and CEO
Well,
wafer capacity When we typically our model is if we reach about 80 to 85%, we consider
that its full because our capacity is not very big in Oldham
fab, so we still have one of the kind equipment and therefore
we really play in about 80 to 85% we consider as full. And at this time, Oldham fab is running
about that rate.
Now, if necessary, then we will probably put some capital equipment for redundancy purposes and
then that that will increase that 80 to 85% to 100%. So thats in the Oldham fab.
In Kansas City, again, we do have use in that to support some foundry business. And we are now
running somewhere around again probably 75 to 80%. But we still have the room to increase and then
if necessary, we will start to squeeze out the foundry business to be used by internally.
Therefore, I dont think wafer capacity will be that much of a concern of me.
Operator
Brian Piccioni, BMO Capital Markets.
Brian Piccioni - BMO Capital Markets - Analyst
I was kind of worried I wasnt going to be able to get in under the wire there. First,
congratulations on great results.
You have obviously answered most of the questions I wouldve asked. But just as a follow-on, you
had discussed earlier in the call on a few occasions issues like inventory at customers and stuff
like that.
Would you characterize yourself as being very confident that there isnt possibly excess buffer
inventory being maintained at your end customers or at some point in between?
Keh-Shew Lu - Diodes Incorporated - President and CEO
Well I can tell you were very confident on that and the reason is since we are our
leadtime is not really that long because like I mentioned, we put in wafer inventory. So our
leadtime is very short.
Second
is we really support the customers, so we dont really
let the customer double ordering and
they know we have big capacity to support them. For the important
customer, they know they have enough
wait, they probably just dont even want to waste their time or waste their money to put the
inventory in their site. So basically, I dont feel that
concerned about our customer build up their
own inventory.
Brian Piccioni - BMO Capital Markets - Analyst
Okay, thats great. As a follow-on to an earlier question, with respect to raw material, you
answered the question of gold of course. But you have other raw materials like molding compound,
the stuff that goes into your lead frames and stuff like that. Would you characterize that pricing
environment as being stable or declining or rising?
Keh-Shew Lu - Diodes Incorporated - President and CEO
Well actually, from the wafer wafer is our next big one because we bought another wafer
from somewhere else. So wafer is another big one other than gold wire.
And we do have the wafer price up in third quarter and even in second quarter. But we dont see
theyve continued up anymore, so we started going to asking for price down.
So from a wafer point of view, which is our next major expenditure, I think fourth quarter or even
that Q1 we will start to see some decrease. Basically Q3 is the hardest one, Q4 will probably equal
to Q3 but we started negotiating with our vendor trying to win the wafer price down. But we
definitely dont see any increase anymore because wafer demand has been easing up and thats our
second one.
Now the rest of the years, theyre up but they wont be our major cost. Gold wire is our number one
cost and wafer we are buying from our support our foundry or some other foundry is our second
larger cost.
Operator
Stephen Chin, UBS.
Stephen Chin - UBS - Analyst
I had a couple questions related to the industrial market and the products that you guys are
currently selling in there. I guess first of all in terms of the demand that youre seeing from
Europe and the Americas for the industrial market, is the demand in Q4, is that considered seasonal
or is it still better than seasonal
Mark King - Diodes Incorporated - SVP, Sales and Marketing
The seasonality is generally driven by Asia. So in our picture, its not so clear. But I think
the demand is relatively is consistent.
And frankly the fourth quarter in North America and Europe is new from two years of relatively soft
periods. So I think that its hard to tell. I think were going to have to just keep going. But it
looks very consistent and the rates look very consistent, are growing from third to fourth quarter.
Stephen Chin - UBS - Analyst
Okay, in terms of the products that you are selling to the industrial market, I assume a lot
of the favorable mix shift towards higher margin products, I assume thats going into the
industrial markets.
Any color on the leadtimes for those products, the higher margin products? Are they primarily being
produced out of the Oldham fab as opposed to Kansas City?
Mark King - Diodes Incorporated - SVP, Sales and Marketing
I would say they would be produced out of all different fab areas, the different products and
so forth. And I think you can always see we tend to see on our higher margin products and so
forth are generally we try to keep our leadtimes the shortest.
So we make a major effort to capture anything we possibly can in those product areas. But where we
stretch our leadtimes generally is in the commodity area so we can control the input to our
factory.
Keh-Shew Lu - Diodes Incorporated - President and CEO
Another
thing is that we have transferred the technology from Oldham to Kansas City which is much bigger
fab. And for example, we transferred our transistor, bipolar transistor which originally was
produced to OFAB, weve now transferred that technology to Kansas City.
So in case other product had demand increase such as that, Oldham fab is full, then we can offload
some of bipolar transistors which originally generated in OFAB can be started to generate by the
Kansas City fab. So we do a lot of stuff such that we can have a dual source in case we get some
upside from one area, we still can support it.
Obviously
Zetex product which give us a better margin is one of the products is the
product were going to put more support for it.
Stephen Chin - UBS - Analyst
I guess Id just follow up one more up time on that. These higher margin products, are they
typically a high trend type product or is it somewhat proprietary where your customers would have
to book a quarter in advance at least in order to get them or ?
Mark King - Diodes Incorporated - SVP, Sales and Marketing
I would say both and I dont think you are whether they book in a quarter in advance and so
forth, generally our own customers, we know their buy rates pretty regularly. So we have generally
decent issues on it and we can generally jump to jump up support as required. So I think we have
a pretty good capability to turn these products relatively quickly.
Stephen Chin - UBS - Analyst
Last question I had was just on the in terms of order momentum for the computing and
consumer markets. If you could offer a little color on how those growth trends are today relative
to exiting steady from Q3, is it a little better, a little worse? That would be helpful.
Mark King - Diodes Incorporated - SVP, Sales and Marketing
I think its pretty consistent with our guidance. Its right around in that same area, maybe a
little stronger on the consumer.
Stephen Chin - UBS - Analyst
Okay, wonderful. Thanks again and nice job on the quarter.
Keh-Shew Lu - Diodes Incorporated - President and CEO
Thank you.
Operator
At this time, Id like to turn the call back to Dr. Lu for closing remarks.
Keh-Shew Lu - Diodes Incorporated - President and CEO
Well thank you for your participation today. Operator, you may now disconnect.
Operator
We thank you for your participation in todays conference. This does conclude your
presentation. You may now disconnect and have a great day.