The following table provides a reconciliation of net income to EBITDA (in thousands, unaudited):
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| September 30, | September 30, | ||||||||||||||||
| 2015 | 2014 | 2015 | 2014 | ||||||||||||||
| Net income (per-GAAP) | $ | 2,837 | $ | 19,427 | $ | 29,047 | $ | 47,014 | |||||||||
| Plus: | |||||||||||||||||
| Interest expense, net | 628 | 750 | 1,907 | 2,331 | |||||||||||||
| Income tax provision | 6,593 | 6,172 | 16,179 | 14,370 | |||||||||||||
| Depreciation and amortization | 19,599 | 18,921 | 57,969 | 57,254 | |||||||||||||
| EBITDA (Non-GAAP) | $ | 29,657 | $ | 45,270 | $ | 105,102 | $ | 120,969 | |||||||||
| DIODES INCORPORATED AND SUBSIDIARIES | |||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | |||||||||
| ASSETS | |||||||||
|
(in thousands) |
|||||||||
| September 30, | December 31, | ||||||||
| 2015 | 2014 | ||||||||
| (unaudited) | |||||||||
| CURRENT ASSETS | |||||||||
| Cash and cash equivalents | $ | 188,755 | $ | 243,000 | |||||
| Short-term investments | 24,586 | 11,726 | |||||||
| Accounts receivable, net | 202,467 | 188,248 | |||||||
| Inventories | 197,698 | 182,026 | |||||||
| Deferred income taxes, current | 11,193 | 11,295 | |||||||
| Prepaid expenses and other | 38,389 | 50,510 | |||||||
| Total current assets | 663,088 | 686,805 | |||||||
| PROPERTY, PLANT AND EQUIPMENT, net | 371,036 | 309,931 | |||||||
| DEFERRED INCOME TAXES, non-current | 32,259 | 32,550 | |||||||
| OTHER ASSETS | |||||||||
| Goodwill | 79,389 | 81,229 | |||||||
| Intangible assets, net | 42,841 | 45,028 | |||||||
| Other | 24,580 | 23,614 | |||||||
| Total assets | $ | 1,213,193 | $ | 1,179,157 | |||||
| DIODES INCORPORATED AND SUBSIDIARIES | |||||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | |||||||||||
| LIABILITIES AND EQUITY | |||||||||||
|
(in thousands, except share data) |
|||||||||||
| September 30, | December 31, | ||||||||||
| 2015 | 2014 | ||||||||||
| (unaudited) | |||||||||||
| CURRENT LIABILITIES | |||||||||||
| Lines of credit | $ | 261 | $ | 1,064 | |||||||
| Accounts payable | 86,388 | 79,390 | |||||||||
| Accrued liabilities | 91,868 | 60,436 | |||||||||
| Income tax payable | 9,106 | 8,381 | |||||||||
| Total current liabilities | 187,623 | 149,271 | |||||||||
| LONG-TERM DEBT, net of current portion | 93,510 | 140,787 | |||||||||
| OTHER LONG-TERM LIABILITIES | 74,591 | 78,932 | |||||||||
| Total liabilities | 355,724 | 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; 48,588,184 and 47,591,092 issued and outstanding at September 30, 2015 and December 31, 2014, respectively | 32,394 | 31,729 | |||||||||
| Additional paid-in capital | 335,835 | 314,942 | |||||||||
| Retained earnings | 519,053 | 490,006 | |||||||||
| Accumulated other comprehensive loss | (77,564 | ) | (68,402 | ) | |||||||
| Total Diodes Incorporated stockholders' equity | 809,718 | 768,275 | |||||||||
| Noncontrolling interest | 47,751 | 41,892 | |||||||||
| Total equity | 857,469 | 810,167 | |||||||||
| Total liabilities and equity | $ | 1,213,193 | $ | 1,179,157 | |||||||
