The following table provides a reconciliation of net income to EBITDA (in thousands, unaudited):
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net income (per-GAAP) | $ | 725 | $ | 16,665 | $ | 29,772 | $ | 63,678 | ||||||||
Plus: | ||||||||||||||||
Interest expense, net | 1,319 | 531 | 3,226 | 2,862 | ||||||||||||
Income tax provision | 272 | 5,988 | 16,451 | 20,359 | ||||||||||||
Depreciation and amortization | 22,131 | 19,517 | 80,100 | 76,771 | ||||||||||||
EBITDA (Non-GAAP) | $ | 24,447 | $ | 42,701 | $ | 129,549 | $ | 163,670 |
DIODES INCORPORATED AND SUBSIDIARIES | ||||||||||
CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||||
(in thousands, except share data) |
||||||||||
December 31, | December 31, | |||||||||
2015 | 2014 | |||||||||
(unaudited) | ||||||||||
CURRENT ASSETS | ||||||||||
Cash and cash equivalents | $ | 218,435 | $ | 243,000 | ||||||
Short-term investments | 64,685 | 11,726 | ||||||||
Accounts receivable, net | 218,496 | 188,248 | ||||||||
Inventories | 202,832 | 182,026 | ||||||||
Prepaid expenses and other | 46,103 | 50,510 | ||||||||
Total current assets | 750,551 | 675,510 | ||||||||
PROPERTY, PLANT AND EQUIPMENT, net | 439,340 | 309,931 | ||||||||
DEFERRED INCOME TAXES, non-current | 44,761 | 43,845 | ||||||||
OTHER ASSETS | ||||||||||
Goodwill | 144,923 | 81,229 | ||||||||
Intangible assets, net | 196,409 | 45,028 | ||||||||
Other | 36,696 | 23,614 | ||||||||
Total assets | $ | 1,612,680 | $ | 1,179,157 | ||||||
December 31, | December 31, | |||||||||
2015 | 2014 | |||||||||
(unaudited) | ||||||||||
CURRENT LIABILITIES | ||||||||||
Lines of credit | $ | - | $ | 1,064 | ||||||
Accounts payable | 86,463 | 79,390 | ||||||||
Accrued liabilities | 77,801 | 60,149 | ||||||||
Income tax payable | 5,117 | 8,381 | ||||||||
Current portion of long-term debt | 10,282 | 287 | ||||||||
Total current liabilities | 179,663 | 149,271 | ||||||||
LONG-TERM DEBT, net of current portion | 455,941 | 140,787 | ||||||||
DEFERRED TAX LIABILITIES - non current | 31,658 | - | ||||||||
OTHER LONG-TERM LIABILITIES | 90,153 | 78,932 | ||||||||
Total liabilities | 757,415 | 368,990 | ||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||
EQUITY | ||||||||||
Diodes Incorporated stockholders' equity | ||||||||||
Preferred stock - par value $1.00 per share; 1,000,000 shares authorized; no shares issued or outstanding | — | — | ||||||||
Common stock - par value $0.66 2/3 per share; 70,000,000 shares authorized; |
||||||||||
48,148,077 and 47,591,092 issued and outstanding at December 31, 2015 and December 31, 2014, respectively |
32,404 | 31,729 | ||||||||
Additional paid-in capital | 350,855 | 314,942 | ||||||||
Retained earnings | 519,778 | 490,006 | ||||||||
Treasury stock | (11,009 | ) | — | |||||||
Accumulated other comprehensive loss | (84,416 | ) | (68,402 | ) | ||||||
Total Diodes Incorporated stockholders' equity | 807,612 | 768,275 | ||||||||
Noncontrolling interest | 47,653 | 41,892 | ||||||||
Total equity | 855,265 | 810,167 | ||||||||
Total liabilities and equity | $ | 1,612,680 | $ | 1,179,157 |