The following table provides a reconciliation of net income to EBITDA (in thousands, unaudited):
| Three Months Ended | |||||||||
| March 31, | |||||||||
| 2015 | 2014 | ||||||||
| Net income (per-GAAP) | $ | 11,132 | $ | 10,202 | |||||
| Plus: | |||||||||
| Interest expense, net | 766 | 863 | |||||||
| Income tax provision | 4,187 | 2,547 | |||||||
| Depreciation and amortization | 19,172 | 19,176 | |||||||
| EBITDA (Non-GAAP) | $ | 35,257 | $ | 32,788 | |||||
| DIODES INCORPORATED AND SUBSIDIARIES | |||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | |||||||||
| ASSETS | |||||||||
|
(in thousands) |
|||||||||
| March 31, | December 31, | ||||||||
| 2015 | 2014 | ||||||||
| (unaudited) | |||||||||
| CURRENT ASSETS | |||||||||
| Cash and cash equivalents | $ | 222,113 | $ | 243,000 | |||||
| Short-term investments | 26,722 | 11,726 | |||||||
| Accounts receivable, net | 177,628 | 188,248 | |||||||
| Inventories | 187,379 | 182,026 | |||||||
| Deferred income taxes, current | 11,301 | 11,295 | |||||||
| Prepaid expenses and other | 46,455 | 50,510 | |||||||
| Total current assets | 671,598 | 686,805 | |||||||
| PROPERTY, PLANT AND EQUIPMENT, net | 325,278 | 309,931 | |||||||
| DEFERRED INCOME TAXES, non-current | 32,556 | 32,550 | |||||||
| OTHER ASSETS | |||||||||
| Goodwill | 79,665 | 81,229 | |||||||
| Intangible assets, net | 42,663 | 45,028 | |||||||
| Other | 23,270 | 23,614 | |||||||
| Total assets | $ | 1,175,030 | $ | 1,179,157 | |||||
| DIODES INCORPORATED AND SUBSIDIARIES | |||||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | |||||||||||
| LIABILITIES AND EQUITY | |||||||||||
|
(in thousands, except share data) |
|||||||||||
| March 31, | December 31, | ||||||||||
| 2015 | 2014 | ||||||||||
| (unaudited) | |||||||||||
| CURRENT LIABILITIES | |||||||||||
| Lines of credit | $ | 973 | $ | 1,064 | |||||||
| Accounts payable | 84,017 | 79,390 | |||||||||
| Accrued liabilities | 62,513 | 60,436 | |||||||||
| Income tax payable | 8,047 | 8,381 | |||||||||
| Total current liabilities | 155,550 | 149,271 | |||||||||
| LONG-TERM DEBT, net of current portion | 117,734 | 140,787 | |||||||||
| OTHER LONG-TERM LIABILITIES | 78,918 | 78,932 | |||||||||
| Total liabilities | 352,202 | 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; 47,963,677 and 47,591,092 issued and outstanding at March 31, 2015 and December 31, 2014, respectively |
31,977 | 31,729 | |||||||||
| Additional paid-in capital | 324,023 | 314,942 | |||||||||
| Retained earnings | 501,138 | 490,006 | |||||||||
| Accumulated other comprehensive loss | (76,873 | ) | (68,402 | ) | |||||||
| Total Diodes Incorporated stockholders' equity | 780,265 | 768,275 | |||||||||
| Noncontrolling interest | 42,563 | 41,892 | |||||||||
| Total equity | 822,828 | 810,167 | |||||||||
| Total liabilities and equity | $ | 1,175,030 | $ | 1,179,157 | |||||||
