Included in the first quarter of 2016 GAAP and non-GAAP adjusted net income was approximately $2.9 million, net of tax, of non-cash share-based compensation expense. Excluding share-based compensation expense, both GAAP and non-GAAP adjusted EPS would have increased by $0.06 per share for the first quarter 2016 and $0.05 for each of the first quarter 2015 and fourth quarter 2015.
EBITDA (a non-GAAP measure), which represents earnings before net interest expense, income tax, depreciation and amortization, for the first quarter 2016, was $24.9 million, compared to $35.3 million for the first quarter 2015 and $16.6 million for the fourth quarter 2015. For a reconciliation of GAAP net income to EBITDA, see the table near the end of the release for further details.
For the first quarter 2016, net cash provided by operating activities was $25.5 million. Net cash flow was $18.6 million, which reflects the pay down of $14.1 million of long-term debt. Free cash flow was $11.9 million, which includes $13.6 million of capital expenditures.
As of March 31, 2016, the Company had approximately $280 million in cash, cash equivalents and short-term investments, long-term debt totaled approximately $450 million, and working capital was approximately $571 million.
The results announced today are preliminary, as they are subject to the Company finalizing its closing procedures and customary quarterly review by the Company's independent registered public accounting firm. As such, these results are subject to revision until the Company files its Quarterly Report on Form 10-Q for the quarter ending March 31, 2016.
Dr. Lu concluded, “For the second quarter of 2016, we expect to grow revenue to a range between $230 million and $240 million, or up 3.3 to 7.7 percent sequentially. We expect GAAP (and non-GAAP) gross margin to be 31.5 percent, plus or minus 2 percent. Non-GAAP operating expenses are expected to be approximately 25 percent of revenue, plus or minus 1 percent. We expect interest expense to be approximately $2.5 million and our income tax rate to be 28 percent, plus or minus 3 percent. Shares used to calculate diluted EPS for the second quarter are anticipated to be approximately 49.5 million. Note that purchase accounting adjustments related to Pericom and previous acquisitions of $4.4 million after tax are not included in these non-GAAP estimates.”
Diodes will host a conference call on Thursday, May 5, 2016 at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) to discuss its first quarter 2016 financial results. Investors and analysts may join the conference call by dialing 1-855-232-8957 and providing the confirmation code 86442139. International callers may join the teleconference by dialing 1-315-625-6979 and enter the same confirmation code at the prompt. A telephone replay of the call will be made available approximately two hours after the call and will remain available until May 12, 2016 at midnight Central Time. The replay number is 1-855-859-2056 with a pass code of 86442139. International callers should dial 1-404-537-3406 and enter the same pass code at the prompt. Additionally, this conference call will be broadcast live over the Internet and can be accessed by all interested parties on the Investors section of Diodes' website at http://www.diodes.com. To listen to the live call, please go to the Investors section of Diodes’ website and click on the conference call link at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. For those unable to participate during the live broadcast, a replay will be available shortly after the call on Diodes' website for approximately 60 days.
About Diodes Incorporated
Diodes Incorporated (Nasdaq:
DIOD), a Standard and Poor’s SmallCap 600
and Russell 3000 Index company, is a leading global manufacturer and
supplier of high-quality application specific standard products within
the broad discrete, logic, analog and mixed-signal
semiconductor markets. Diodes serves the consumer electronics,
computing, communications, industrial, and automotive markets. Diodes’
products include diodes, rectifiers, transistors, MOSFETs, protection
devices, function-specific arrays, single gate logic, amplifiers and
comparators, Hall-effect and temperature sensors, power management
devices, including LED drivers, AC-DC converters and controllers, DC-DC
switching and linear voltage regulators, and voltage references along
with special function devices, such as USB power switches, load
switches, voltage supervisors, and motor controllers. Diodes’ corporate
headquarters and Americas’ sales office are located in Plano, Texas and
Milpitas, California. Design, marketing, and engineering centers are
located in Plano; Milpitas; Taipei, Taiwan; Taoyuan City, Taiwan; Zhubei
City, Taiwan; Manchester, England; and Neuhaus, Germany. Diodes’ wafer
fabrication facilities are located in Kansas City, Missouri and
Manchester, with an additional facility located in Shanghai, China.
Diodes has assembly and test facilities located in Shanghai, Jinan,
Chengdu, and Yangzhou, China, as well as in Hong Kong, Neuhaus and
Taipei. Additional engineering, sales, warehouse, and logistics offices
are located in Taipei; Hong Kong; Manchester; Shanghai; Shenzhen, China;
Seongnam-si, South Korea; and Munich, Germany, with support offices
throughout the world.