Diodes Incorporated Reports Second Quarter 2016 Financial Results

CASH FLOW ITEMS

Free cash flow (FCF) (Non-GAAP)

FCF for the second quarter of 2016 is a non-GAAP financial measure, which is calculated by subtracting capital expenditures from cash flow from operations. For the second quarter of 2016, FCF was $0.9 million ($16.4 million less $15.5 million). FCF represents the cash and cash equivalents that we are able to generate after taking into account cash outlays required to maintain or expand property, plant and equipment. FCF is important because it allows us to pursue opportunities to develop new products, make acquisitions and reduce debt.

CONSOLIDATED RECONCILIATION OF NET INCOME TO EBITDA

EBITDA represents earnings before net interest expense, income tax provision, depreciation and amortization. Management believes EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties, such as financial institutions in extending credit, in evaluating companies in our industry and provides further clarity on our profitability. In addition, management uses EBITDA, along with other GAAP and non-GAAP measures, in evaluating our operating performance compared to that of other companies in our industry. The calculation of EBITDA generally eliminates the effects of financing, operating in different income tax jurisdictions, and accounting effects of capital spending, including the impact of our asset base, which can differ depending on the book value of assets and the accounting methods used to compute depreciation and amortization expense. EBITDA is not a recognized measurement under GAAP, and when analyzing our operating performance, investors should use EBITDA in addition to, and not as an alternative for, income from operations and net income, each as determined in accordance with GAAP. Because not all companies use identical calculations, our presentation of EBITDA may not be comparable to similarly titled measures used by other companies. For example, our EBITDA takes into account all net interest expense, income tax provision, depreciation and amortization without taking into account any attributable to noncontrolling interest. Furthermore, EBITDA is not intended to be a measure of free cash flow for management’s discretionary use, as it does not consider certain cash requirements such as tax and debt service payments.

The following table provides a reconciliation of net income to EBITDA (in thousands, unaudited):

                   
Three Months Ended Six Months Ended
June 30, June 30,
2016 2015 2016 2015
 
Net income (per-GAAP) $ 5,752 $ 15,078 $ 4,019 $ 26,210
Plus:
Interest expense, net 3,386 513 5,442 1,279
Income tax provision 2,396 5,399 1,844 9,586
Depreciation and amortization   25,281   19,198   50,360   38,370
EBITDA (non-GAAP) $ 36,815 $ 40,188 $ 61,665 $ 75,445
 
         
DIODES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
 
June 30, December 31,
2016 2015
(unaudited) (unaudited)
CURRENT ASSETS
Cash and cash equivalents $ 192,554 $ 218,435
Short-term investments 44,245 64,685
Accounts receivable, net 229,913 218,496
Inventories 209,875 202,832
Prepaid expenses and other   41,663     46,103  
Total current assets   718,250     750,551  
 
PROPERTY, PLANT AND EQUIPMENT, net 425,177 439,340
 
DEFERRED INCOME TAXES, non-current 47,919 45,120
 
OTHER ASSETS
Goodwill 131,389 132,913
Intangible assets, net 185,503 196,409
Other   34,628     34,494  
Total assets $ 1,542,866   $ 1,598,827  
 
 
CURRENT LIABILITIES
Accounts payable $ 93,279 $ 86,463
Accrued liabilities 76,533 77,801
Income tax payable - 5,117
Current portion of long-term debt   10,290     10,282  
Total current liabilities   180,102     179,663  
 
LONG-TERM DEBT, net of current portion 399,891 453,738
DEFERRED TAX LIABILITIES - non current 32,207 32,276
OTHER LONG-TERM LIABILITIES   90,810     90,153  
Total liabilities   703,010     755,830  
 
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; 48,470,103 and 48,148,077 issued and outstanding at June 30, 2016 and December 31, 2015, respectively 32,626 32,404
Additional paid-in capital 349,363 344,086
Retained earnings 518,299 514,280
Treasury stock (11,009 ) (11,009 )
Accumulated other comprehensive loss   (97,352 )   (84,416 )
Total Diodes Incorporated stockholders' equity 791,927 795,345
Noncontrolling interest   47,929     47,652  
Total equity   839,856     842,997  
Total liabilities and equity $ 1,542,866   $ 1,598,827  

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