Daqo New Energy Corp. (NYSE: DQ) ("Daqo New Energy", the "Company" or "we"), a leading manufacturer of high-purity polysilicon for the global solar PV industry, today announced its unaudited financial results for the fourth quarter and fiscal year of 2020.
Fourth Quarter 2020 Financial and Operating Highlights
Three months ended | |||
US$ millions except as indicated otherwise | Dec 31, | Sep 30, | Dec 31, |
Revenues | 247.7 | 125.5 | 118.9 |
Gross profit | 109.5 | 45.3 | 35.1 |
Gross margin | 44.2% | 36.0% | 29.5% |
Income from operations | 98.0 | 33.3 | 30.1 |
Net income attributable to Daqo New Energy Corp. | 72.8 | 20.8 | 20.1 |
Earnings per basic ADS(3) ($ per ADS) | 1.01 | 0.29 | 0.29 |
Adjusted net income (non-GAAP)(2) attributable to | 77.3 | 25.2 | 24.5 |
Adjusted earnings per basic ADS(3) (non-GAAP)(2) | 1.07 | 0.35 | 0.35 |
EBITDA (non-GAAP)(2) | 115.1 | 51.6 | 45.4 |
EBITDA margin (non-GAAP)(2) | 46.5% | 41.1% | 38.2% |
Polysilicon sales volume (MT) | 23,186 | 13,643 | 13,291 |
Polysilicon average total production cost ($/kg)(1) | 5.92 | 5.82 | 6.38 |
Polysilicon average cash cost (excl. dep'n) ($/kg)(1) | 5.04 | 4.88 | 5.47 |
Full Year 2020 Financial and Operating Highlights
Notes: |
(1) Production cost and cash cost only refer to production in our Xinjiang polysilicon facilities. Production cost is calculated by the |
(2) Daqo New Energy provides EBITDA, EBITDA margins, adjusted net income attributable to Daqo New Energy Corp. shareholders and |
(3) ADS means American Depositary Share. On November 17, 2020, the Company effected a change of the ratio of its ADSs to ordinary |
Management Remarks
Mr. Longgen Zhang, CEO of Daqo New Energy, commented, "We are very pleased to report a strong quarter in terms of operational and financial results to bring a successful close of the year 2020. I would like to thank our entire team for their hard work, commitment and dedication in achieving these excellent results. During the quarter we produced 21,008 MT of polysilicon, a record-high in our company's history. Our production cost was reduced by 2.7% in RMB terms, primarily due to our efforts in additional energy savings, offset by a higher than expected rise in the cost of silicon raw material in the fourth quarter. The increase in our cost in US dollar terms compared to the third quarter was the result of exchange rate fluctuations due to the RMB appreciation. In 2021, we will continue our efforts to reduce cost, as we begin to benefit from our newly implemented digital manufacturing system to maximize our output, optimize our production process and further improve our operational stability and product quality."
"During the months of November and December 2020, we saw significant pick-up in polysilicon demand from our customers to meet their increasing production needs to serve the growing solar end-market. During the fourth quarter, we sold 23,186 MT of polysilicon, which is the highest quarterly sales volume the company ever achieved. Since the beginning of 2021, we continue to see rising polysilicon market prices, and most recently market poly ASP has reached a range of $15/kg to $16/kg. As our mono-wafer customers continue their capacity expansion plans supported by robust downstream market demand, we believe that the supply of polysilicon will continue to be very tight throughout the year given very limited additional polysilicon supply this year."
"Regarding the status of the proposed initial public offering of our Xinjiang Daqo subsidiary on China's STAR market, the stock listing committee of the Shanghai Stock Exchange STAR Market reviewed Xinjiang Daqo's application in February 2021 and determined that Xinjiang Daqo had already met the offering, listing and disclosure requirements related to its potential STAR Market IPO. As a next step, Xinjiang Daqo will need to go through the registration process with the China Securities Regulatory Commission before its STAR Market IPO can take place. The proceeds of this potential IPO will be used to fund our Phase 4B polysilicon project with an annual capacity of 35,000 MT. We have already started the preparation works for Phase 4B including the design and procurement process. We plan to start the construction in mid-March and expect to complete the project by the end of 2021 and ramp it up to full capacity by the end of Q1 2022."
"I have been in the solar industry for over a decade, and the prospects for the solar industry have never been brighter. Driven by the dual trends of solar grid parity and the urgent need to address climate change, the industry is on the cusp of undergoing tremendous growth over the next few years without the need for government subsidies. Solar energy is now one of the most competitive form of power generation even compared to fossil fuel, and we are beginning to see real world applications where solar is the optimal choice to meet growing energy needs and to replace legacy carbon-based generation. Major economies around the world have also begun to implement ambitious policies and initiatives to support and mandate the use of renewable energy for power generation. The European Union has announced its Green Deal to fight climate change through progressive policies for a climate-neutral and sustainable EU with the goal of no net emissions of greenhouse gases by 2050 and to de-carbonize the energy sector. Over the next few years, the European Climate Law is expected to turn this political commitment into a legal obligation. In China, President Xi Jinping has announced China will aim to hit peak emissions before 2030 and reach carbon neutrality by 2060 and we expect various government agencies including the NEA and the NDRC to introduce and implement policies to mandate and support the use of renewable energy. For 2021, the NEA has indicated its intention to accelerate the development and deployment of wind and solar energy, with a goal of adding a combined 120GW of wind and solar in 2021. In the U.S., with the Biden administration's commitment to fight climate change and plan for clean energy revolution with the goal of achieving a 100% clean energy economy and reaching net-zero emissions no later than 2050, we believe favorable policies are forthcoming to support renewable energy's growth in the U.S."
"We are standing at the beginning of a new era that will demand more and more clean, renewable and cost effective energy resources among which solar PV is one of the most competitive. We will focus on our core business, continue to expand capacity and further improve quality to better serve the fast growing solar PV market."
Outlook and guidance
The Company expects to produce approximately 19,500MT to 20,500MT of polysilicon and sell approximately 20,000MT to 21,000MT of polysilicon to external customers during the first quarter of 2021. For the full year of 2021, the Company expects to produce approximately 80,000 to 81,000 MT of polysilicon, inclusive of the impact of the Company's annual facility maintenance.
This outlook reflects Daqo New Energy's current and preliminary view as of the date of this press release and may be subject to changes. The Company's ability to achieve these projections is subject to risks and uncertainties. See "Safe Harbor Statement" at the end of this press release.
Fourth Quarter 2020 Results
Revenues
Revenues were $247.7 million, compared to $125.5 million in the third quarter of 2020 and $118.9 million in the fourth quarter of 2019. The increase in revenues was primarily due to higher polysilicon sales volume and higher ASPs.
Gross profit and margin
Gross profit was $109.5 million, compared to $45.3 million in the third quarter of 2020 and $35.1 million in the fourth quarter of 2019. Gross margin was 44.2%, compared to 36% in the third quarter of 2020 and 29.5% in the fourth quarter of 2019. The increase in gross margin was primarily due to higher ASPs.
Selling, general and administrative expenses
Selling, general and administrative expenses were $11.2 million, compared to $9.2 million in the third quarter of 2020 and $9.0 million in the fourth quarter of 2019. The increase was primarily due to an increase in shipping costs as a result of higher sales volume, as well as an increase in personnel cost. SG&A expenses during the quarter included $4.5 million in non-cash share-based compensation costs related to the Company's share incentive plan.
Research and development expenses
Research and development (R&D) expenses were $1.5 million, compared to $1.7 million in the third quarter of 2020 and $1.2 million in the fourth quarter of 2019. Research and development expenses can vary from period to period and reflect R&D activities that take place during the quarter.
Income from operations and operating margin
As a result of the foregoing, income from operations was $98.0 million, compared to $33.3 million in the third quarter of 2020 and $30.1 million in the fourth quarter of 2019.
Operating margin was 39.6%, compared to 26.6% in the third quarter of 2020 and 25.3% in the fourth quarter of 2019.
Interest expense
Interest expense was $8.3 million, compared to $5.4 million in the third quarter of 2020 and $3.9 million in the fourth quarter of 2019. The increase was primarily due to an increase in interest expense for discounted bank notes.
EBITDA (non-GAAP)
EBITDA (non-GAAP) was $115.1 million, compared to $51.6 million in the third quarter of 2020 and $45.4 million in the fourth quarter of 2019. EBITDA margin (non-GAAP) was 46.5%, compared to 41.1% in the third quarter of 2020 and 38.2% in the fourth quarter of 2019.
Net income attributable to Daqo New Energy Corp. shareholders and earnings per ADS
As a result of the aforementioned, net income attributable to Daqo New Energy Corp. shareholders was $72.8 million, compared to $20.8 million in the third quarter of 2020 and $20.1 million in the fourth quarter of 2019.
Earnings per basic American Depository Share (ADS) was $1.01, compared to $0.29 in the third quarter of 2020, and $0.29 in the fourth quarter of 2019.
Financial Condition
As of December 31, 2020, the Company had $118.4 million in cash and cash equivalents and restricted cash, compared to $109.8 million as of September 30, 2020 and $115.3 million as of December 31, 2019. As of December 31, 2020, the notes receivable balance was $0.2 million, compared to $1.9 million as of September 30, 2020 and $5.6 million as of December 31, 2019. As of December 31, 2020, total borrowings were $193.7 million, of which $123.2 million were long-term borrowings, compared to total borrowings of $271.0 million, including $140.0 million long-term borrowings, as of September 30, 2020 and total borrowings of $280.1 million, including $151.5 million long-term borrowings, as of December 31, 2019.
Cash Flows
For the twelve months ended December 31, 2020, net cash provided by operating activities was $209.7 million, compared to $181.0 million in the same period of 2019.
For the twelve months ended December 31, 2020, net cash used in investing activities was $118.5 million, compared to $261.8 million in the same period of 2019. The net cash used in investing activities in 2020 and 2019 was primarily related to the capital expenditures on the Company's Phase 4A polysilicon projects.
For the twelve months ended December 31, 2020, net cash used in financing activities was $95.5 million, compared to net cash provided by financing activities of $102.3 million in the same period of 2019.
Full Year 2020 Results
Revenues
Revenues were $675.6 million, compared to $350.0 million in 2019. The increase was primarily due to higher polysilicon sales volume and partially offset by slightly lower ASPs.
Gross profit and margin
Gross profit was $234.0 million, compared to $80.1 million in 2019. Gross margin was 34.6%, compared to 22.9% in 2019. The increase was primarily due to lower production cost partially offset by slightly lower ASPs.
Selling, general and administrative expenses
Selling, general and administrative expenses were $39.5 million, compared to $32.9 million in 2019. The increase was primarily due to an increase in shipping costs as a result of higher sales volume, as well as an increase in personnel cost.
Research and development expenses
Research and development (R&D) expenses were $6.9 million, compared to $5.3 million in 2019. Research and development expenses can vary from period to period and reflect R&D activities that took place during the period.
Income from operations and operating margin
As a result of the foregoing, income from operations was $187.9 million, compared to $47.5 million in 2019. Operating margin was 27.8%, compared to 13.6% in 2019.
Interest expense
Interest expense was $26.6 million, compared to $10.4 million in 2019. The increase was primarily due to a decrease of capitalized interest expense.
Income tax expense
Income tax expense was $28.2 million, compared to $9.6 million in 2019. The increase was primarily due to higher income before income taxes.
Net income attributable to Daqo New Energy Corp. shareholders and earnings per ADS
Net income attributable to Daqo New Energy Corp. shareholders was $129.2 million, compared to $29.5 million in 2019. Earnings per basic ADS was $1.82, compared to $0.43 in 2019.
Adjusted net income (non-GAAP) attributable to Daqo New Energy Corp. shareholders was $147.1 million, compared to $47.4 million in 2019. Adjusted earnings per basic ADS (non-GAAP) was $2.07, compared to $0.70 in 2019.
Use of Non-GAAP Financial Measures
To supplement Daqo New Energy's consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("US GAAP"), the Company uses certain non-GAAP financial measures that are adjusted for certain items from the most directly comparable GAAP measures including earnings before interest, taxes, depreciation and amortization ("EBITDA") and EBITDA margin; adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic and diluted ADS. Our management believes that each of these non-GAAP measures is useful to investors, enabling them to better assess changes in key element of the Company's results of operations across different reporting periods on a consistent basis, independent of certain items as described below. Thus, our management believes that, used in conjunction with US GAAP financial measures, these non-GAAP financial measures provide investors with meaningful supplemental information to assess the Company's operating results in a manner that is focused on its ongoing, core operating performance. Our management uses these non-GAAP measures internally to assess the business, its financial performance, current and historical results, as well as for strategic decision-making and forecasting future results. Given our management's use of these non-GAAP measures, the Company believes these measures are important to investors in understanding the Company's operating results as seen through the eyes of our management. These non-GAAP measures are not prepared in accordance with US GAAP or intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with US GAAP; the non-GAAP measures should be reviewed together with the US GAAP measures, and may be different from non-GAAP measures used by other companies.
The Company uses EBITDA, which represents earnings before interest, taxes, depreciation and amortization, and EBITDA margin, which represents the proportion of EBITDA in revenues. Adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic and diluted ADS exclude costs related to share-based compensation. Share-based compensation is a non-cash expense that varies from period to period. As a result, our management excludes this item from our internal operating forecasts and models. Our management believes that this adjustment for share-based compensation provides investors with a basis to measure the Company's core performance, including compared with the performance of other companies, without the period-to-period variability created by share-based compensation.
A reconciliation of non-GAAP financial measures to comparable US GAAP measures is presented later in this document.
Conference Call
The Company has scheduled a conference call to discuss the results at 8:00 AM Eastern Time on March 9, 2021. (9:00 PM Beijing / Hong Kong time on the same day).
The dial-in details for the live conference call are as follows:
Participant dial in (toll free): | +1-888-346-8982 | |
Participant international dial in: | +1-412-902-4272 | |
China mainland toll free: | 4001-201203 | |
Hong Kong toll free: | 800-905945 | |
Hong Kong-local toll: | +852-301-84992 | |
Participants please dial in 10 minutes before the call is scheduled to begin and ask to be | ||
You can also listen to the conference call via Webcast through the URL:
https://services.choruscall.com/links/dq210309.html
A replay of the call will be available 1 hour after the end of the conference through March 16, 2021.
The conference call replay numbers are as follows:
US Toll Free: | +1-877-344-7529 |
International Toll: | +1-412-317-0088 |
Canada Toll Free: | 855-669-9568 |
Replay access code: | 10152748 |
To access the replay using an international dial-in number, please select the link below.
https://services.choruscall.com/ccforms/replay.html
Participants will be required to state their name and company upon entering the call.
About Daqo New Energy Corp.
Daqo New Energy Corp. (NYSE: DQ) ("Daqo" or the "Company") is a leading manufacturer of high-purity polysilicon for the global solar PV industry. Founded in 2007, the Company is one of the world's lowest cost producers of high-purity polysilicon. Daqo's highly-efficient and technically advanced manufacturing facility in China currently has a nameplate annual polysilicon production capacity of 70,000 metric tons.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the outlook for the first quarter and the full year of 2021 and quotations from management in this announcement, Xinjiang Daqo's IPO plan as well as Daqo New Energy's strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed or furnished to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the demand for photovoltaic products and the development of photovoltaic technologies; global supply and demand for polysilicon; alternative technologies in cell manufacturing; the Company's ability to significantly expand its polysilicon production capacity and output; the reduction in or elimination of government subsidies and economic incentives for solar energy applications; the Company's ability to lower its production costs; and the duration of COVID-19 outbreaks in China and many other countries and the impact of the outbreaks and the quarantines and travel restrictions instituted by relevant governments on economic and market conditions, including potentially weaker global demand for solar PV installations that could adversely affect the Company's business and financial performance. Further information regarding these and other risks is included in the reports or documents the Company has filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date hereof, and the Company undertakes no duty to update such information or any forward-looking statement, except as required under applicable law.
Daqo New Energy Corp. | |||||||||||
Unaudited Condensed Consolidated Statement of Operations and Comprehensive Income | |||||||||||
(US dollars in thousands, except ADS and per ADS data) | |||||||||||
Three months Ended | Year Ended Dec 31, | ||||||||||
Dec 31, | Sep 30, | Dec 31, | 2020 | 2019 | |||||||
Revenues | $247,725 | $125,529 | $118,918 | $675,602 | $349,991 | ||||||
Cost of revenues | (138,238) | (80,276) | (83,800) | (441,610) | (269,887) | ||||||
Gross profit | 109,487 | 45,253 | 35,118 | 233,992 | 80,104 | ||||||
Operating expenses | |||||||||||
Selling, general and |
(11,236) | (9,223) |
(8,987) | (39,472) |
(32,907) | ||||||
Research and development | (1,498) | (1,746) | (1,206) | (6,856) |
(5,258) | ||||||
Other operating income | 1,226 | (954) | 5,164 | 191 | 5,546 | ||||||
Total operating | (11,508) | (11,923) | (5,029) | (46,137) | (32,619) | ||||||
Income from operations | 97,979 | 33,330 | 30,089 | 187,855 | 47,485 | ||||||
Interest expense | (8,254) | (5,438) | (3,936) | (26,632) | (10,397) | ||||||
Interest income | 187 | 200 | 208 | 907 | 983 | ||||||
Foreign exchange gain / (loss) | - | - | 4 | 0 | (185) | ||||||
Income before income taxes | 89,912 | 28,092 | 26,365 | 162,130 | 37,886 | ||||||
Income tax expense | (13,606) | (6,193) | (5,972) | (28,182) | (9,623) | ||||||
Net income from continuing | 76,306 | 21,899 |
20,393 | 133,948 |
28,263 | ||||||
Net (loss) / income from | - | - |
(306) | (141) |
1,261 | ||||||
Net income | 76,306 | 21,899 | 20,087 | 133,807 | 29,524 | ||||||
Net (loss) / income attributable | 3,480 | 1,142 |
(1) | 4,612 |
(1) | ||||||
Net income attributable to Daqo | $72,826 | $20,757 | $20,088 | $129,195 | $29,525 | ||||||
Net income | 76,306 | 21,899 | 20,087 | 133,807 | 29,524 | ||||||
Other comprehensive income / | |||||||||||
Foreign currency translation | 31,107 | 25,937 | 13,892 | 48,438 |
(6,702) | ||||||
Total other comprehensive | 31,107 | 25,937 | 13,892 | 48,438 |
(6,702) | ||||||
Comprehensive income / (loss) | 107,413 | 47,836 | 33,979 | 182,245 | 22,822 | ||||||
Comprehensive income | 5,698 | 1,163 | 2 | 6,845 | 2 | ||||||
Comprehensive income / (loss) |
$101,715 |
$46,673 |
$33,977 |
$175,400 |
$22,820 | ||||||
Earnings / (Loss) per ADS | |||||||||||
-Continuing operations | 1.01 | 0.29 | 0.29 | 1.82 | 0.41 | ||||||
-Discontinued operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.02 | ||||||
Basic | 1.01 | 0.29 | 0.29 | 1.82 | 0.43 | ||||||
-Continuing operations | 0.96 | 0.27 | 0.26 | 1.72 | 0.39 | ||||||
-Discontinued operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.02 | ||||||
Diluted | 0.96 | 0.27 | 0.26 | 1.72 | 0.41 | ||||||
Weighted average ADS | |||||||||||
Basic | 72,147,808 | 71,281,184 | 69,186,250 | 71,017,403 | 67,914,211 | ||||||
Diluted | 76,065,033 | 76,626,371 | 75,927,961 | 75,003,430 | 71,466,701 | ||||||
Daqo New Energy Corp. | |||||||
Unaudited Consolidated Balance Sheets | |||||||
(US dollars in thousands) | |||||||
Dec 31, 2020 | Sep 30, 2020 | Dec 31, 2019 | |||||
ASSETS: | |||||||
Current Assets: | |||||||
Cash and cash equivalents | 76,596 | 70,150 | $51,840 | ||||
Restricted cash | 41,808 | 39,640 | 62,609 | ||||
Accounts receivable, net | - | 42 | 13 | ||||
Notes receivable | 153 | 1,908 | 5,644 | ||||
Prepaid expenses and other | 11,477 | 12,972 |
15,344 | ||||
Advances to suppliers | 7,949 | 1,229 | 1,544 | ||||
Inventories | 42,159 | 53,640 | 36,391 | ||||
Amount due from related parties | 129 | 213 | 17 | ||||
Current assets associated with | - | - |
926 | ||||
Total current assets | 180,271 | 179,794 | 174,328 | ||||
Property, plant and equipment, net | 1,027,086 | 987,295 | 995,027 | ||||
Prepaid land use right | 30,829 | 29,815 | 29,593 | ||||
Deferred tax assets | - | 1,386 | 1,352 | ||||
Investment in affiliate | 685 | 658 | 642 | ||||
Operating lease right-of-use assets | 119 | 137 |
197 | ||||
Other non-current assets | 153 | 147 | - | ||||
Non-current asset associated with | - | - |
217 | ||||
TOTAL ASSETS | 1,239,143 | 1,199,232 | 1,201,356 | ||||
Current liabilities: | |||||||
Short-term borrowings, including | 70,431 | 131,064 |
128,612 | ||||
Accounts payable | 18,953 | 19,739 | 12,713 | ||||
Notes payable | 49,355 | 62,128 | 101,171 | ||||
Advances from customers-short term portion | 37,783 | 17,544 | 33,028 | ||||
Payables for purchases of property, | 49,555 | 76,158 | 112,538 | ||||
Accrued expenses and other | 30,148 | 16,616 |
12,222 | ||||
Amount due to related parties | 5,150 | 4,820 | 38,825 | ||||
Income tax payable | 22,678 | 7,314 | 4,789 | ||||
Lease liabilities - short term portion | 82 | 78 | 85 | ||||
Current liabilities associated with |
- |
- |
1,165 | ||||
Total current liabilities | 284,135 | 335,461 | 445,148 | ||||
Long-term borrowings | 123,222 | 139,967 | 151,518 | ||||
Advance from customers – long | 3,265 | 1,266 |
2,154 | ||||
Amount due to related parties - | 4,238 | 10,897 |
7,899 | ||||
Deferred government subsidies | 21,907 | 21,157 | 21,034 | ||||
Deferred Tax Liabilities | 3,461 | 5,647 | 6,368 | ||||
Lease liabilities – long term portion | - | - | 77 | ||||
TOTAL LIABILITIES | 440,228 | 514,395 | 634,198 | ||||
EQUITY: | |||||||
Ordinary shares | 37 | 36 | 35 | ||||
Treasury stock | (1,749) | (1,749) | (1,749) | ||||
Additional paid-in capital | 412,450 | 405,784 | 387,371 | ||||
Accumulated gains | 330,118 | 257,292 | 200,922 | ||||
Accumulated other comprehensive | 26,267 | (2,622) |
(19,937) | ||||
Total Daqo New Energy Corp.'s | 767,123 | 658,741 |
566,642 | ||||
Non-controlling interest | 31,792 | 26,096 | 516 | ||||
Total equity | 798,915 | 684,837 | 567,158 | ||||
TOTAL LIABILITIES & EQUITY | 1,239,143 | 1,199,232 | 1,201,356 | ||||
Daqo New Energy Corp. | |||||
Unaudited Consolidated Statements of Cash Flows | |||||
(US dollars in thousands) | |||||
For the year ended December 31, | |||||
2020 | 2019 | ||||
Operating Activities: | |||||
Net income | $ 133,807 | $ 29,524 | |||
Less: (Loss)/ income from discontinued operations, net of tax | (141) | 1,261 | |||
Net income from continuing operations | 133,948 | 28,263 | |||
Adjustments to reconcile net income to net cash provided by | 90,269 | 65,644 | |||
Changes in operating assets and liabilities | (14,464) | 86,076 | |||
Net cash provided by operating activities-continuing operations | 209,753 | 179,983 | |||
Net cash (used in)/ provided by operation activities-discontinued | (50) | 1,010 | |||
Net cash provided by operating activities | 209,703 | 180,993 | |||
Investing activities: | |||||
Net cash used in investing activities-continuing operations | (118,292) | (263,284) | |||
Net cash (used in)/ provided by investing activities-discontinuing | (195) | 1,457 | |||
Net cash used in investing activities | (118,487) | (261,827) | |||
Financing activities: | |||||
Net cash (used in)/ provided by financing activities – continuing | (95,470) | 104,979 | |||
Net cash used in financing activities – discontinued operations | - | (2,651) | |||
Net cash (used in)/provided by financing activities | (95,471) | 102,328 | |||
Non-cash transactions | |||||
Effect of exchange rate changes | 7,364 | (1,320) | |||
Net increase in cash, cash equivalents and restricted cash | 3,110 | 20,174 | |||
Cash, cash equivalents and restricted cash at the beginning of the | 115,294 | 95,120 | |||
Cash, cash equivalents and restricted cash at the end of the year | 118,404 | 115,294 | |||
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows.
Dec 31, 2020 | Dec 31, 2019 | |||
Cash and cash equivalents | 76,596 | 52,685 | ||
Restricted cash | 41,808 | 62,609 | ||
Total cash, cash equivalents, and restricted cash shown in the | 118,404 | 115,294 |
Daqo New Energy Corp. | ||||||||||
Reconciliation of non-GAAP financial measures to comparable US GAAP measures | ||||||||||
(US dollars in thousands) | ||||||||||
Three months Ended | Year ended | |||||||||
Dec. 31, | Sep. 30, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||
Net income from continuing | 76,306 | 21,899 |
20,393 | 133,948 |
28,263 | |||||
Income tax expense | 13,606 | 6,193 | 5,972 | 28,182 | 9,623 | |||||
Interest expense | 8,254 | 5,438 | 3,936 | 26,632 | 10,397 | |||||
Interest income | (187) | (200) | (208) | (907) | (983) | |||||
Depreciation & amortization | 17,118 | 18,289 | 15,281 | 68,686 | 48,003 | |||||
EBITDA (non-GAAP) | 115,097 | 51,619 | 45,374 | 256,541 | 95,303 | |||||
EBIDTA margin (non-GAAP) | 46.5% | 41.1% | 38.2% | 38.0% | 27.2% | |||||
Three months Ended | Year ended | |||||||||
Dec. 31, | Sep. 30, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||
Net income / (loss) | 72,826 | 20,757 | 20,088 | 129,195 | 29,525 | |||||
Share-based compensation | 4,478 | 4,478 | 4,461 | 17,908 | 17,897 | |||||
Adjusted net income (non- | 77,304 | 25,235 | 24,549 | 147,103 | 47,422 | |||||
Adjusted earnings per basic |
$1.07 |
$0.35 |
$0.35 |
$2.07 |
$0.70 | |||||
Adjusted earnings per diluted | $1.02 | $0.33 | $0.32 | $1.96 | $0.66 | |||||
For more information, please visit www.dqsolar.com
| Last Trade: | US$19.64 |
| Daily Change: | -0.48 -2.39 |
| Daily Volume: | 191,981 |
| Market Cap: | US$1.290B |
October 30, 2024 August 26, 2024 January 30, 2024 | |
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