Press Release: Diodes Incorporated Reports Third -4-
Press Release: Diodes Incorporated Reports Third -4-
Acquisition related costs -- The Company excluded expenses associated with the acquisition of LITE-ON Semiconductor, which consisted of advisory, legal and other professional and consulting fees. These costs were expensed as they were incurred and as services were received, and in which the corresponding tax adjustments were made for the non-deductible portions of these expenses. The Company believes the exclusion of the acquisition related costs provides investors with a more accurate reflection of costs likely to be incurred in the absence of an unusual event such as an acquisition and facilitates comparisons with the results of other periods that may not reflect such costs.
与收购有关的成本--该公司不包括与收购Lite-on Semiconductor有关的费用，其中包括咨询、法律和其他专业及咨询费用。这些成本在发生时和接受服务时计入费用，其中对这些费用中不可扣除的部分进行了相应的税项调整。本公司相信，剔除收购相关成本可让投资者更准确地反映在没有收购等不寻常事件的情况下可能发生的成本，并便于与可能未反映此类成本的其他期间的业绩进行比较。
Gain on LSC investments -- LSC recorded a market to market gain on an equity investment. The Company believes this gain is not reflective of the ongoing operations and exclusion of this gain provides investors an enhanced view of the Company's operating results.
LSC投资收益--LSC记录了股票投资的市价收益。该公司认为，这一收益并不反映正在进行的业务，剔除这一收益将使投资者更好地了解公司的经营业绩。
Restructuring costs -- The Company has recorded restructuring charges related to the shutdown and relocation of one of our assembly and test facilities located in Chengdu, China, restructuring at other China sites, and restructuring of select European entities. These restructuring charges are excluded from management's assessment of the Company's operating performance. The Company believes the exclusion of the restructuring charges provides investors an enhanced view of the cost structure of the Company's operations and facilitates comparisons with the results of other periods that may not reflect such charges or may reflect different levels of such charges.
重组成本--该公司记录了与我们位于中国成都的一家组装和测试工厂的关闭和搬迁、中国其他工厂的重组以及部分欧洲实体的重组有关的重组费用。管理层对公司经营业绩的评估不包括这些重组费用。该公司认为，不计入重组费用使投资者能够更好地了解公司业务的成本结构，并便于与可能没有反映此类费用或可能反映不同水平的此类费用的其他时期的业绩进行比较。
Board member retirement costs -- The Company excluded expenses in connection with the retirement of a member of the Company's board of directors. The Company modified that director's unvested RSU grants to vest upon his retirement. The shares subject to the modified grants will be released that board member as if they were vesting under the original vesting timeline. In connection with this modification the Company recorded additional expense of approximately $1.7 million.
董事会成员退休费用--该公司不包括与公司董事会成员退休相关的费用。公司修改了该董事未授予的RSU赠款，以便在他退休时授予。受修改授予的股票将被释放，就像它们是在原始归属时间表下归属的那样。与这一修改相关的是，该公司记录了大约170万美元的额外开支。
CASH FLOW ITEMS
现金流量项目
Free cash flow (FCF) (Non-GAAP)
自由现金流(FCF)(非GAAP)
FCF for the third quarter of 2021 is a non-GAAP financial measure, which is calculated by subtracting capital expenditures from cash flow from operations. For the third quarter of 2021, FCF was $57.8 million, which 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.
2021年第三季度的FCF是一项非GAAP财务指标，计算方法是从运营现金流中减去资本支出。2021年第三季度，FCF为5780万美元，这是我们在考虑到维护或扩建物业、厂房和设备所需的现金支出后能够产生的现金和现金等价物。FCF很重要，因为它让我们有机会开发新产品、进行收购和减少债务。
CONSOLIDATED RECONCILIATION OF NET INCOME TO EBITDA
净收益与EBITDA的合并对账
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.
EBITDA代表扣除净利息支出、所得税拨备、折旧和摊销前的收益。管理层认为，EBITDA对投资者是有用的，因为证券分析师、投资者和其他相关方(如金融机构)经常使用EBITDA来评估我们行业的公司，并进一步明确我们的盈利能力。此外，管理层使用EBITDA以及其他GAAP和非GAAP衡量标准来评估我们与同行业其他公司相比的经营业绩。EBITDA的计算一般会消除融资、在不同所得税辖区经营的影响以及资本支出的会计影响，包括我们资产基础的影响，资产基础的影响可能会因资产的账面价值以及用于计算折旧和摊销费用的会计方法而有所不同。EBITDA不是公认的GAAP衡量标准，在分析我们的经营业绩时，投资者应该使用EBITDA作为运营收入和净收入的补充，而不是作为根据GAAP确定的净收入的替代。由于并非所有公司都使用相同的计算方法，我们对EBITDA的列报可能无法与其他公司使用的同名指标相比较。例如，我们的EBITDA考虑了所有净利息支出、所得税拨备、折旧和摊销，而没有考虑可归因于非控股利益的任何金额。此外，EBITDA不打算作为管理层可自由使用的自由现金流的衡量标准，因为它没有考虑某些现金需求，如纳税和偿债支付。
The following table provides a reconciliation of net income to EBITDA (in thousands, unaudited):
下表提供了净收入与EBITDA的对账(单位：千，未经审计)：
Three Months Ended Nine Months Ended
September 30 September 30
---------------------- ---------------------
2021 2020 2021 2020
-------- ------- ------- -------
Net income
(per-GAAP) $ 68,424 $ 27,152 $ 163,250 $ 68,353
Plus:
Interest
expense, net 652 3,607 3,947 7,064
Income tax
provision 14,766 5,871 36,320 15,097
Depreciation and
amortization 30,682 26,699 92,084 81,043
-------- ------- ------- -------
EBITDA (non-GAAP) $ 114,524 $ 63,329 $ 295,601 $171,557
======== ======= ======= =======
DIODES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands)
September 30 December 31,
2021 2020
--------- ---------
(unaudited) (audited)
Assets
Current assets:
Cash and cash equivalents $ 280,543 $ 268,065
Restricted Cash 4,295 52,464
Short-term investments 7,364 6,142
Accounts receivable, net of
allowances of $3,887 and $3,806 at
September 30, 2021 and December 31,
2020, respectively 348,688 320,061
Inventories 322,088 307,062
Prepaid expenses and other 100,905 70,193
--------- ---------
Total current assets 1,063,883 1,023,987
Property, plant and equipment, net 540,520 530,815
Deferred income tax 52,436 57,841
Goodwill 149,592 158,331
Intangible assets, net 98,570 110,591
Other long-term assets 136,908 97,892
--------- ---------
Total assets $ 2,041,909 $ 1,979,457
========= =========
Liabilities
Current liabilities:
Line of credit $ 15,690 $ 140,563
Accounts payable 195,098 168,045
Accrued liabilities 179,908 160,117
Income tax payable 35,525 19,177
Current portion of long-term debt 18,404 21,860
--------- ---------
Total current liabilities 444,625 509,762
Long-term debt, net of current
portion 218,000 288,179
Deferred tax liabilities 34,729 34,598
Other long-term liabilities 127,442 130,795
--------- ---------
Total liabilities 824,796 963,334
--------- ---------
Commitments and contingencies
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; 45,015,853 and
44,276,194, issued and outstanding
at September 30, 2021 and December
31, 2020, respectively 36,194 35,692
Additional paid-in capital 463,748 449,598
Retained earnings 1,051,296 888,046
Treasury stock, at cost, 9,272,513
shares held at September 30, 2021
and 9,259,858 shares held at
December 31, 2020 (336,894) (335,910)
Accumulated other comprehensive loss (58,281) (73,606)
--------- ---------
Total stockholders' equity 1,156,063 963,820
Noncontrolling interest 61,050 52,303
--------- ---------
Total equity 1,217,113 1,016,123
--------- ---------
Total liabilities and stockholders'
equity $ 2,041,909 $ 1,979,457
========= =========
截至三个月截至九个月9月30日9月30日 ---------------------- --------------------- 2021 2020 2021 2020 -------- ------- ------- ------- 净收入(按公认会计准则)$68,424$27,152$163,250$68,353另外：利息费用，净额652 3607 39477 064所得税拨款14,766 5,871 36,320 15,097折旧和折旧摊销30,682 26,699 92,084 81,043 -------- ------- ------- ------- EBITDA(非GAAP)$114,524$63,329$295,601$171,557 ======== ======= ======= ======= 二极管公司及其子公司合并简明资产负债表(单位：千)九月三十日十二月三十一日 2021 2020 --------- --------- (未经审计)(已审计)资产流动资产：现金及现金等价物280,543美元268,065美元受限现金4,295，52,464短期投资7,3646,142应收账款，净额津贴分别为3,887元和3,806元2021年9月30日和12月31日，2020年，分别为348,688,320,061库存322,088 307,062预付费用和其他100,905 70,193 --------- --------- 流动资产总额1,063,883,023,987不动产、厂房和设备，净额540,520,530,815递延所得税52,436 57,841商誉149,592 158,331无形资产，净额98,570 110,591其他长期资产136,908 97,892 --------- --------- 总资产$2,041,909$1,979,457 ========= ========= 负债流动负债：信贷额度15,690美元140,563美元应付帐款195,098 168,045应计负债179,908 160,117应缴所得税35,525 19,177长期债务的当期部分18,404 21,860 --------- --------- 流动负债总额444,625 509,762长期债务，扣除流动债务部分218,000 288,179递延税项负债34,729 34,598其他长期负债127,442 130,795 --------- --------- 总负债824,796 963,334 --------- --------- 承诺和或有事项股东权益优先股-面值1.00美元每股；100万股授权；未发行股份或杰出的--普通股-面值0.66 2/3美元每股；7000万股授权；45,015,853及44,276,194，已发行和未偿还在2021年9月30日和12月2020年31日，分别为36,194 35,692新增实收资本463,748 449,598留存收益1,051,296,888,046库存股，按成本计算，9,272,5132021年9月30日持有的股份和9,259,858股持股价格2020年12月31日(336,894)(335,910)累计其他综合亏损(58281)(73606) --------- --------- 股东权益总额1,156,063,963,820非控股权益61,050 52,303 --------- --------- 总股本1,217,113 1,016,123 --------- --------- 总负债和股东总负债股本$2,041,909$1,979,457 ========= =========
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CONTACT: Company Contact:
联系人：公司联系人：
Diodes Inc.
二极管公司(Diodes Inc.)
Gurmeet Dhaliwal
古尔米特·达利瓦尔
Director, IR & Corporate Marketing
企业关系与企业营销部总监
P: 408-232-9003
P: 408-232-9003
E: Gurmeet_Dhaliwal@diodes.com
电子邮件：gurmet_dhaliwal@diodes.com
Investor Relations Contact:
投资者关系联系人：
Shelton Group
谢尔顿集团
Leanne Sievers
琳恩·西弗斯(Leanne Sievers)
President, Investor Relations
投资者关系部总裁
P: 949-224-3874
P: 949-224-3874
E: lsievers@sheltongroup.com
电子邮箱：lsievers@Shelthongroup.com