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 | ||||||
