Diodes Incorporated Reports First Quarter 2016 Financial Results

CONSOLIDATED RECONCILIATION OF NET INCOME TO EBITDA

EBITDA represents earnings before net interest expense, income tax provision, depreciation and amortization. Management believes EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties, such as financial institutions in extending credit, in evaluating companies in our industry and provides further clarity on our profitability. In addition, management uses EBITDA, along with other GAAP and non-GAAP measures, in evaluating our operating performance compared to that of other companies in our industry. The calculation of EBITDA generally eliminates the effects of financing, operating in different income tax jurisdictions, and accounting effects of capital spending, including the impact of our asset base, which can differ depending on the book value of assets and the accounting methods used to compute depreciation and amortization expense. EBITDA is not a recognized measurement under GAAP, and when analyzing our operating performance, investors should use EBITDA in addition to, and not as an alternative for, income from operations and net income, each as determined in accordance with GAAP. Because not all companies use identical calculations, our presentation of EBITDA may not be comparable to similarly titled measures used by other companies. For example, our EBITDA takes into account all net interest expense, income tax provision, depreciation and amortization without taking into account any attributable to noncontrolling interest. Furthermore, EBITDA is not intended to be a measure of free cash flow for management’s discretionary use, as it does not consider certain cash requirements such as tax and debt service payments.

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

 
Three Months Ended
March 31,
  2016       2015
 
Net (loss) income (per-GAAP) $ (1,733 ) $ 11,132
Plus:
Interest expense, net 2,056 766
Income tax provision (552 ) 4,187
Depreciation and amortization   25,079     19,172
EBITDA (Non-GAAP) $ 24,850   $ 35,257
   
DIODES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
 
March 31, December 31,
  2016     2015  
(unaudited)
CURRENT ASSETS
Cash and cash equivalents $ 237,006 $ 218,435
Short-term investments 43,051 64,685
Accounts receivable, net 216,507 218,496
Inventories 204,976 202,832
Prepaid expenses and other   42,990     46,103  
Total current assets   744,530     750,551  
 
PROPERTY, PLANT AND EQUIPMENT, net 431,192 439,340
 
DEFERRED INCOME TAXES, non-current 44,892 45,120
 
OTHER ASSETS
Goodwill 134,125 132,913
Intangible assets, net 191,071 196,409
Other   34,123     34,494  
Total assets $ 1,579,933   $ 1,598,827  
 
 
CURRENT LIABILITIES
Accounts payable 87,429 86,463
Accrued liabilities 72,706 77,801
Income tax payable 2,680 5,117
Current portion of long-term debt   10,290     10,282  
Total current liabilities   173,105     179,663  
 
LONG-TERM DEBT, net of current portion 439,948 453,738
DEFERRED TAX LIABILITIES - non current 32,275 32,276
OTHER LONG-TERM LIABILITIES   88,325     90,153  
Total liabilities   733,653     755,830  
 
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; 48,300,695 and 48,148,077 issued and outstanding at March 31, 2016 and December 31, 2015, respectively

32,512 32,404
Additional paid-in capital 346,131 344,086
Retained earnings 512,547 514,280
Treasury stock, at cost, 466,010 shares held at March 31, 2016 and December 31, 2015 (11,009 ) (11,009 )
Accumulated other comprehensive loss   (81,612 )   (84,416 )
Total Diodes Incorporated stockholders' equity 798,569 795,345
Noncontrolling interest   47,711     47,652  
Total equity   846,280     842,997  
Total liabilities and equity $ 1,579,933   $ 1,598,827  

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