Diodes Incorporated Reports Record Third Quarter 2018 Financial Results

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

    Three Months Ended       Nine Months Ended
September 30, September 30,
2018     2017 2018     2017
 
Net income (per-GAAP) $ 30,908 $ 14,450 $ 74,502 $ 28,846
Plus:
Interest expense, net 1,844 3,172 6,188 9,501
Income tax provision 13,190 5,052 31,726 11,651
Depreciation and amortization   26,072   24,096   78,218   71,195
EBITDA (non-GAAP) $ 72,014 $ 46,770 $ 190,634 $ 121,193
 
       
DIODES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS

(in thousands)

 
September 30, December 31,
2018 2017
(unaudited) (audited)
CURRENT ASSETS
Cash and cash equivalents $ 150,274 $ 203,820
Short-term investments 7,280 4,558
Accounts receivable, net 228,065 200,112
Inventories 219,146 216,506
Prepaid expenses and other   42,804     37,328  
Total current assets   647,569     662,324  
 
PROPERTY, PLANT AND EQUIPMENT, net 454,086 459,169
 
DEFERRED INCOME TAXES 44,000 40,580
 
OTHER ASSETS
Goodwill 132,910 134,187
Intangible assets, net 142,487 156,445
Other   46,732     35,968  
Total assets $ 1,467,784   $ 1,488,673  
 
 
CURRENT LIABILITIES
Line of Credit $ 12,283 $ 1,008
Accounts payable 117,118 108,001
Accrued liabilities and other 92,039 99,301
Income tax payable 14,145 18,216
Current portion of long-term debt   26,285     20,636  
Total current liabilities   261,870     247,162  
 
LONG-TERM DEBT, net of current portion 139,987 247,492
DEFERRED TAX LIABILITIES - non current 26,308 25,176
OTHER LONG-TERM LIABILITIES   87,168     94,925  
Total liabilities   515,333     614,755  
 
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; 50,190,959 and 49,130,090, issued and outstanding at September 30, 2018 and December 31, 2017, respectively 34,433 33,727
Additional paid-in capital 395,412 386,338
Retained earnings 607,189 532,687
Treasury stock, at cost, 1,457,206 shares held at September 30, 2018 and December 31,2017 (37,768 ) (37,768 )
Accumulated other comprehensive loss   (91,598 )   (83,480 )
Total Diodes Incorporated stockholders' equity 907,668 831,504
Noncontrolling interest   44,783     42,414  
Total equity   952,451     873,918  
Total liabilities and equity $ 1,467,784   $ 1,488,673  
 

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