Diodes Incorporated Reports Fourth Quarter and Fiscal 2017 Financial Results

Free cash flow (FCF) (Non-GAAP)

FCF for the fourth quarter of 2017 is a non-GAAP financial measure, which is calculated by subtracting capital expenditures from cash flow from operations. For the fourth quarter of 2017, FCF was a $45.5 million ($74.8 million less $29.3 million). FCF represents the cash and cash equivalents that we are able to generate after taking into account cash outlays required to maintain or expand property, plant and equipment. FCF is important because it allows us to pursue opportunities to develop new products, make acquisitions and reduce debt.

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 amounts 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 Twelve Months Ended
December 31, December 31,
  2017     2016   2017       2016
 
Net (loss) income (per-GAAP) $ (30,651 ) $ 1,268 $ (1,805 ) $ 15,935
Plus:
Interest expense, net 2,472 3,095 11,973 11,900
Income tax provision 50,674 617 62,325 6,558
Depreciation and amortization   24,485     24,229   95,680     98,960
EBITDA (non-GAAP) $ 46,980   $ 29,209 $ 168,173   $ 133,353
 
   
DIODES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
 
December 31, December 31,
  2017     2016  
(unaudited) (audited)
CURRENT ASSETS
Cash and cash equivalents $ 203,820 $ 247,802
Short-term investments 4,558 29,842
Accounts receivable, net 200,112 217,217
Inventories 216,506 193,483
Prepaid expenses and other   37,328     44,438  
Total current assets   662,324     732,782  
 
PROPERTY, PLANT AND EQUIPMENT, net 459,169 401,988
 
DEFERRED INCOME TAXES 40,580 56,047
 
OTHER ASSETS
Goodwill 134,187 129,412
Intangible assets, net 156,445 174,876
Other   35,968     33,447  
Total assets $ 1,488,673   $ 1,528,552  
 
 
CURRENT LIABILITIES
Line of Credit $ 1,008 $ -
Accounts payable 108,001 87,600
Accrued liabilities and other 99,301 71,562
Income tax payable 18,216 11,855
Current portion of long-term debt   20,636     14,356  
Total current liabilities   247,162     185,373  
 
LONG-TERM DEBT, net of current portion 247,492 413,126
DEFERRED TAX LIABILITIES - non current 25,176 28,213
OTHER LONG-TERM LIABILITIES   94,925     81,373  
Total liabilities   614,755     708,085  
 
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; 49,130,090 and 48,219,376, issued and outstanding at December 31, 2017 and December 31, 2016, respectively 33,727 32,919
Additional paid-in capital 386,338 354,574
Retained earnings 532,687 530,215
Treasury stock, at cost, 1,457,206 and 1,157,206 shares held at December 31, 2017 and December 31,2016, respectively (37,768 ) (29,023 )
Accumulated other comprehensive loss   (83,480 )   (112,666 )
Total Diodes Incorporated stockholders' equity 831,504 776,019
Noncontrolling interest   42,414     44,448  
Total equity   873,918     820,467  
Total liabilities and equity $ 1,488,673   $ 1,528,552  

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