SHANGHAI, May 18, 2021 /PRNewswire/ -- 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 first quarter of 2021.
First Quarter 2021 Financial and Operating Highlights
- Polysilicon production volume was 20,185 MT in Q1 2021,
compared to 21,008 MT in Q4 2020
- Polysilicon sales volume was 21,471 MT in Q1 2021, compared to
23,186 MT in Q4 2020
- Polysilicon average total production cost(1) was
$6.29/kg in Q1 2021, compared to
$5.92/kg in Q4 2020
- Polysilicon average cash cost(1) was $5.37/kg in Q1 2021, compared to $5.04/kg in Q4 2020
- Polysilicon average selling price (ASP) was $11.90/kg in Q1 2021, compared to $10.79/kg in Q4 2020
- Revenue was $256.1 million in Q1
2021, compared to $247.7 million in
Q4 2020
- Gross profit was $118.9 million
in Q1 2021, compared to $109.5
million in Q4 2020. Gross margin was 46.4% in Q1 2021,
compared to 44.2% in Q4 2020
- Net income attributable to Daqo New Energy Corp. shareholders
was $83.2 million in Q1 2021,
compared to $72.8 million in Q4
2020
- Earnings per basic American Depositary Share
(ADS)(3) was $1.13 in Q1
2021, compared to $1.01 in Q4
2020
- EBITDA (non-GAAP)(2) was $128.1 million in Q1 2021, compared to
$115.1 million in Q4 2020. EBITDA
margin (non-GAAP)(2) was 50.0% in Q1 2021, compared to
46.5% in Q4 2020
- Adjusted net income (non-GAAP)(2) attributable to
Daqo New Energy Corp. shareholders was $86.2
million in Q1 2021, compared to $77.3
million in Q4 2020
- Adjusted earnings per basic ADS(3)
(non-GAAP)(2) was $1.18 in
Q1 2021, compared to $1.07 in Q4
2020
|
Three months
ended
|
US$
millions
except as indicated
otherwise
|
Mar 31,
2021
|
Dec 31,
2020
|
Mar 31,
2020
|
Revenues
|
256.1
|
247.7
|
168.8
|
Gross
profit
|
118.9
|
109.5
|
56.6
|
Gross
margin
|
46.4%
|
44.2%
|
33.5%
|
Income from
operations
|
109.2
|
98.0
|
45.8
|
Net income
attributable to Daqo New Energy Corp.
shareholders
|
83.2
|
72.8
|
33.2
|
Earnings per basic
ADS(3) ($ per ADS)
|
1.13
|
1.01
|
0.47
|
Adjusted net income
(non-GAAP)(2) attributable to
Daqo New Energy Corp. shareholders
|
86.2
|
77.3
|
37.7
|
Adjusted earnings per
basic ADS(3) (non-GAAP)(2) ($ per
ADS)
|
1.18
|
1.07
|
0.54
|
EBITDA
(non-GAAP)(2)
|
128.1
|
115.1
|
63.1
|
EBITDA margin
(non-GAAP)(2)
|
50.0%
|
46.5%
|
37.4%
|
Polysilicon sales
volume (MT)
|
21,471
|
23,186
|
19,101
|
Polysilicon average
total production cost ($/kg)(1)
|
6.29
|
5.92
|
5.86
|
Polysilicon average
cash cost (excl. dep'n) ($/kg)(1)
|
5.37
|
5.04
|
5.01
|
Notes:
|
(1) Production cost and cash
cost only refer to production in our polysilicon facilities in
Xinjiang. Production cost is calculated by the inventoriable costs
relating to production of polysilicon in Xinjiang divided by the
production volume in the period indicated. Cash cost is calculated
by the inventoriable costs relating to production of polysilicon
excluding depreciation expense, divided by the production volume in
the period indicated.
|
(2) Daqo New Energy provides
EBITDA, EBITDA margins, adjusted net income attributable to Daqo
New Energy Corp. shareholders and adjusted earnings per basic ADS
on a non-GAAP basis to provide supplemental information regarding
its financial performance. For more information on these non-GAAP
financial measures, please see the section captioned "Use of
Non-GAAP Financial Measures" and the tables captioned
"Reconciliation of non-GAAP financial measures to comparable US
GAAP measures" set forth at the end of this press
release.
|
(3) ADS means American
Depositary Share. On November 17, 2020, the Company effected a
change of the ratio of its ADSs to ordinary shares from one (1) ADS
representing twenty-five (25) ordinary shares to one (1) ADS
representing five (5) ordinary shares. The earnings per ADS and
number of ADS information has been retrospectively adjusted to
reflect the change for all periods presented.
|
Management Remarks
Mr. Longgen Zhang, CEO of Daqo New Energy, commented, "During
the quarter, we continued to see strong momentum in customer demand
for high-purity polysilicon, which led to a significant shortage of
polysilicon and higher polysilicon ASPs. Our ASP in the first
quarter of 2021 was $11.90/kg,
approximately 10% higher than Q4 2020. Due to the elapsed time from
contract signing, product shipment, to revenue recognition upon
products' arrival at customers' sites, it takes time for market
prices to be fully reflected in our ASPs during periods of rapid
price change. Based on current customer contracts and product
deliveries, we expect our ASP in the second quarter of 2021 to be
in the range of $19.00-$20.00/kg, a significant improvement compared to
Q1 that better reflects recent market pricing trends. As of today,
current market pricing for high-purity mono-grade polysilicon has
already reached the level of $23-$25/kg. With
strong end market demand driven by global carbon neutrality
commitments by all major economies, major mono-wafer manufacturers
continue their capacity expansion and new entrants build new wafer
capacity. As a result, we believe that supply in the polysilicon
market will remain tight until the middle of 2022, when the market
will finally see some additional supply of polysilicon."
"During the quarter we produced 20,185 MT of polysilicon which
lays a solid foundation for achieving our production target this
year and also gives us the confidence to raise our guidance for
annual production volume to the range of 81,000 MT to 83,000 MT
from 80,000 MT to 81,000 MT. During the quarter, approximately 99% of
our polysilicon products were sold to mono-wafer customers and we
already began commercial shipments of N-type polysilicon to four
major customers. Our production cost was up by 4% in RMB terms in
the quarter as compared to Q4 2020, primarily due to the rise in
the cost of silicon raw material and the impact of lower production
volumes. We expect production costs to stabilize in the coming
quarters as the cost of silicon raw material has stabilized for the
time being. We will continue our efforts to reduce cost and improve
quality as we expect to see the benefit from our newly implemented
digital manufacturing system to stabilize production, maximize
output and optimize efficiency."
"On the business development front, we have already sold out our
production volume of this year through the long-term supply
agreements with customers that span all the major mono-wafer
manufactures as well as major integrated solar manufacturers. More
importantly, in connection with these long-term supply contracts,
we have received RMB 800 million of
prepayments from customers this year to date, which will help
us fund our future expansion plans and ensure our future market
share. This shows the tightness of the polysilicon market and the
strong momentum in demand growth, as well as the fact that, in our
customers' mind, Daqo is the leading supplier of high-purity
mono-grade and N-type polysilicon with high reliability, stability
and consistency."
"In mid-March we began construction for our new Phase
4B project, which will add 35,000
metric ton capacity for high-purity polysilicon. We expect to
complete the project by the end of 2021 and ramp up to full
capacity by the end of Q1 2022. Our Phase 4B project and the potential IPO on China's STAR Market will bring us into a new
phase of development and enable us to quickly expand capacity to
address the fast-growing demand from the global solar PV market for
ultra-high purity polysilicon."
"In the present context of global carbon neutrality goals, major
economies in the world including China are launching ambitious policies to
mandate the use of clean energy and address climate change. With
the megatrend of the transformation to a low-carbon economy and
de-carbonization of the energy sector, we are entering a new era of
accelerated growth for the solar industry. We believe Daqo New
Energy is very well positioned to benefit from this tremendous
opportunity."
Outlook and guidance
The Company expects to produce approximately 20,000MT to
21,000MT of polysilicon and sell approximately
20,000MT to 21,000MT of polysilicon to external customers
during the second quarter of 2021. For the full year of 2021, the
Company expects to produce approximately 81,000 to 83,000 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.
First Quarter 2021 Results
Revenues
Revenues were $256.1 million,
compared to $247.7 million in the
fourth quarter of 2020 and $168.8
million in the first quarter of 2020. The increase in
revenues was primarily due to higher ASPs partially offset by
slightly lower polysilicon sales volume.
Gross profit and margin
Gross profit was $118.9 million,
compared to $109.5 million in the
fourth quarter of 2020 and $56.6 million in the first quarter of 2020.
Gross margin was 46.4%, compared to 44.2% in the fourth quarter of
2020 and 33.5% in the first quarter of 2020. The increase in gross
margin was primarily due to higher ASPs.
Selling, general and administrative expenses
Selling, general and administrative expenses were $9.0 million, compared to $11.2 million in the fourth quarter of 2020 and
$8.9 million in the first quarter of
2020. SG&A expenses during the quarter included $2.5 million in non-cash share-based compensation
costs related to the Company's share incentive plan, compared to
$4.5 million in the fourth quarter
and $4.0 million in the first quarter
of 2020.
Research and development expenses
Research and development (R&D) expenses were $1.2 million, compared to $1.5 million in the fourth quarter of 2020 and
$1.7 million in the first quarter of
2020. 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
$109.2 million, compared to
$98.0 million in the fourth quarter
of 2020 and $45.8 million in the
first quarter of 2020.
Operating margin was 42.6%, compared to 39.6% in the fourth
quarter of 2020 and 27.1% in the first quarter of 2020.
Interest expense
Interest expense was $7.8 million,
compared to $8.3 million in the
fourth quarter of 2020 and $6.3
million in the first quarter of 2020.
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 $83.2
million, compared to $72.8
million in the fourth quarter of 2020 and $33.2 million in the first quarter of 2020.
Earnings per basic American Depository Share (ADS) was
$1.13, compared to $1.01 in the fourth quarter of 2020, and
$0.47 in the first quarter of
2020.
EBITDA (non-GAAP)
EBITDA (non-GAAP) was $128.1
million, compared to $115.1
million in the fourth quarter of 2020 and $63.1 million in the first quarter of 2020.
EBITDA margin (non-GAAP) was 50.0%, compared to 46.5% in the fourth
quarter of 2020 and 37.4% in the first quarter of 2020.
Financial Condition
As of March 31, 2021, the Company
had $227.8 million in cash and cash
equivalents and restricted cash, compared to $118.4 million as of December 31, 2020 and $120.8 million as of March
31, 2020. As of March 31,
2021, the notes receivable balance was $38.5 million, compared to $0.2 million as of December 31, 2020 and $4.4
million as of March 31, 2020.
As of March 31, 2021, total
borrowings were $222.2 million, of
which $100.4 million were long-term
borrowings, compared to total borrowings of $193.7 million, including $123.2 million long-term borrowings, as of
December 31, 2020 and total
borrowings of $265.6 million,
including $149.0 million long-term
borrowings, as of March 31, 2020.
Cash Flows
For the three months ended March 31,
2021, net cash provided by operating activities was
$159.2 million, compared to
$31.1 million in the same period of
2020.
For the three months ended March 31,
2021, net cash used in investing activities was $79.9 million, compared to $12.9 million in the same period of 2020. The net
cash used in investing activities in 2021 and 2020 was primarily
related to the capital expenditures on the Company's polysilicon
expansion projects.
For the three months ended March 31,
2021, net cash provided by financing activities was
$31.7 million, compared to net cash
used in financing activities of $10.0
million in the same period of 2020.
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
May 18, 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
joined into the Daqo New Energy Corp. call.
|
You can also listen to the conference call via Webcast through
the URL:
https://services.choruscall.com/links/dq210518.html
A replay of the call will be available 1 hour after the end of
the conference through May 25,
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:
|
10156391
|
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. It has a
total annual capacity of 70,000 metric tons of high-purity
polysilicon, with another 35,000 metric tons polysilicon capacity
under construction, which is expected to reach full capacity by the
end of the first quarter of 2022.
For more information, please visit www.dqsolar.com
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 second 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
|
|
|
Mar 31,
2021
|
|
Dec 31,
2020
|
|
Mar 31,
2020
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$256,095
|
|
$247,725
|
|
$168,831
|
|
Cost of
revenues
|
|
(137,151)
|
|
(138,238)
|
|
(112,277)
|
|
Gross
profit
|
|
118,944
|
|
109,487
|
|
56,554
|
|
Operating
expenses
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
(9,033)
|
|
(11,236)
|
|
(8,892)
|
|
Research and
development expenses
|
|
(1,197)
|
|
(1,498)
|
|
(1,654)
|
|
Other operating
income
|
|
479
|
|
1,226
|
|
(215)
|
|
Total operating
expenses
|
|
(9,751)
|
|
(11,508)
|
|
(10,761)
|
|
Income from
operations
|
|
109,193
|
|
97,979
|
|
45,793
|
|
Interest
expense
|
|
(7,825)
|
|
(8,254)
|
|
(6,287)
|
|
Interest
income
|
|
282
|
|
187
|
|
151
|
|
Income before income
taxes
|
|
101,650
|
|
89,912
|
|
39,657
|
|
Income tax
expense
|
|
(14,487)
|
|
(13,606)
|
|
(6,344)
|
|
Net income from
continuing operations
|
|
87,163
|
|
76,306
|
|
33,313
|
|
Net loss from
discontinued operations
|
|
-
|
|
-
|
|
(86)
|
|
Net income
|
|
87,163
|
|
76,306
|
|
33,227
|
|
Net income / (loss)
attributable to non-controlling
interest
|
|
3,944
|
|
3,480
|
|
(3)
|
|
Net income
attributable to Daqo New Energy Corp.
shareholders
|
|
$83,219
|
|
$72,826
|
|
$33,230
|
|
|
|
|
|
|
|
|
|
Net income
|
|
87,163
|
|
76,306
|
|
33,227
|
|
Foreign currency
translation adjustments, net of tax
of nil
|
|
(3,857)
|
|
31,107
|
|
(9,819)
|
|
Total other
comprehensive income / (loss)
|
|
(3,857)
|
|
31,107
|
|
(9,819)
|
|
Comprehensive
income
|
|
83,306
|
|
107,413
|
|
23,408
|
|
Comprehensive income
/ (loss) attributable to non-
controlling interest
|
|
3,788
|
|
5,698
|
|
(9)
|
|
Comprehensive income
attributable to Daqo New
Energy Corp. shareholders
|
|
$79,518
|
|
$101,715
|
|
$23,417
|
|
|
|
|
|
|
|
|
|
Earnings per
ADS
|
|
|
|
|
|
|
|
-Continuing
operations
|
|
1.13
|
|
1.01
|
|
0.47
|
|
-Discontinued
operations
|
|
0.00
|
|
0.00
|
|
0.00
|
|
Basic
|
|
1.13
|
|
1.01
|
|
0.47
|
|
|
|
|
|
|
|
|
|
-Continuing
operations
|
|
1.08
|
|
0.96
|
|
0.44
|
|
-Discontinued
operations
|
|
0.00
|
|
0.00
|
|
0.00
|
|
Diluted
|
|
1.08
|
|
0.96
|
|
0.44
|
|
|
|
|
|
|
|
|
|
Weighted average ADS
outstanding
|
|
|
|
|
|
|
|
Basic
|
|
73,338,969
|
|
72,147,808
|
|
69,959,236
|
|
Diluted
|
|
76,744,468
|
|
76,065,033
|
|
76,340,541
|
|
Daqo New Energy
Corp.
Unaudited
Condensed Consolidated Balance Sheets
(US dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar 31,
2021
|
|
Dec 31,
2020
|
|
Mar 31,
2020
|
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
167,049
|
|
76,596
|
|
63,168
|
|
Restricted
cash
|
|
60,800
|
|
41,808
|
|
57,639
|
|
Short-term
investment
|
|
7,631
|
|
-
|
|
-
|
|
Accounts receivable,
net
|
|
18
|
|
-
|
|
213
|
|
Notes
receivable
|
|
38,547
|
|
153
|
|
4,402
|
|
Prepaid expenses and
other current assets
|
|
9,857
|
|
11,477
|
|
13,249
|
|
Advances to
suppliers
|
|
5,468
|
|
7,949
|
|
8,962
|
|
Inventories
|
|
34,064
|
|
42,159
|
|
33,234
|
|
Amount due from related
parties
|
|
-
|
|
129
|
|
-
|
|
Current assets
associated with discontinued
operation
|
|
-
|
|
-
|
|
664
|
|
Total current
assets
|
|
323,434
|
|
180,271
|
|
181,531
|
|
Property, plant and
equipment, net
|
|
1,081,352
|
|
1,027,086
|
|
968,418
|
|
Prepaid land use
right
|
|
30,534
|
|
30,829
|
|
28,936
|
|
Deferred tax
assets
|
|
-
|
|
-
|
|
1,330
|
|
Investment in
affiliate
|
|
682
|
|
685
|
|
631
|
|
Operating lease
right-of-use assets
|
|
96
|
|
119
|
|
173
|
|
Other non-current
assets
|
|
3,016
|
|
153
|
|
-
|
|
Non-current asset
associated with discontinued
operation
|
|
-
|
|
-
|
|
197
|
|
TOTAL
ASSETS
|
|
1,439,114
|
|
1,239,143
|
|
1,181,216
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Short-term
borrowings, including current portion
of long-term borrowings
|
|
121,822
|
|
70,431
|
|
116,602
|
|
Accounts
payable
|
|
17,848
|
|
18,953
|
|
17,716
|
|
Notes
payable
|
|
60,774
|
|
49,355
|
|
89,614
|
|
Advances from
customers-short term portion
|
|
64,640
|
|
37,783
|
|
11,640
|
|
Payables for purchases
of property, plant and
equipment
|
|
34,778
|
|
49,555
|
|
106,208
|
|
Accrued expenses and
other current liabilities
|
|
24,632
|
|
30,148
|
|
11,284
|
|
Amount due to related
parties
|
|
4,889
|
|
5,150
|
|
43,363
|
|
Income tax
payable
|
|
18,087
|
|
22,678
|
|
10,975
|
|
Lease liabilities -
short term portion
|
|
83
|
|
82
|
|
85
|
|
Current liabilities
associated with discontinued
operation
|
|
-
|
|
-
|
|
1,164
|
|
Total current
liabilities
|
|
347,553
|
|
284,135
|
|
408,651
|
|
Long-term
borrowings
|
|
100,422
|
|
123,222
|
|
149,018
|
|
Advance from customers
– long term portion
|
|
77,494
|
|
3,265
|
|
1,624
|
|
Amount due to related
parties - long term
portion
|
|
4,272
|
|
4,238
|
|
-
|
|
Deferred government
subsidies
|
|
21,629
|
|
21,907
|
|
20,536
|
|
Deferred Tax
Liabilities
|
|
2,505
|
|
3,461
|
|
6,271
|
|
Lease liabilities –
long term portion
|
|
-
|
|
-
|
|
77
|
|
TOTAL
LIABILITIES
|
|
553,875
|
|
440,228
|
|
586,177
|
|
EQUITY:
|
|
|
|
|
|
|
|
Ordinary
shares
|
|
37
|
|
37
|
|
35
|
|
Treasury
stock
|
|
(1,749)
|
|
(1,749)
|
|
(1,749)
|
|
Additional paid-in
capital
|
|
415,467
|
|
412,450
|
|
391,843
|
|
Retained
earnings
|
|
413,337
|
|
330,118
|
|
234,152
|
|
Accumulated other
comprehensive
income/(loss)
|
|
22,567
|
|
26,267
|
|
(29,750)
|
|
Total Daqo New Energy
Corp. shareholders'
equity
|
|
849,659
|
|
767,123
|
|
594,531
|
|
Non-controlling
interest
|
|
35,580
|
|
31,792
|
|
508
|
|
Total
equity
|
|
885,239
|
|
798,915
|
|
595,039
|
|
TOTAL LIABILITIES
& EQUITY
|
|
1,439,114
|
|
1,239,143
|
|
1,181,216
|
|
Daqo New Energy
Corp.
Unaudited
Condensed Consolidated Statements of Cash Flows
(US dollars in
thousands)
|
|
|
|
For the three months
ended March 31,
|
|
|
2021
|
|
2020
|
|
Operating
Activities:
|
|
|
|
|
|
Net income
|
|
87,163
|
|
33,227
|
|
Less: Loss from
discontinued operations, net of tax
|
|
-
|
|
(86)
|
|
Net income from
continuing operations
|
|
87,163
|
|
33,313
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
22,035
|
|
22,900
|
|
Changes in operating
assets and liabilities
|
|
49,980
|
|
(25,148)
|
|
Net cash provided by
operating activities-continuing operations
|
|
159,178
|
|
31,065
|
|
Net cash provided by
operation activities-discontinued operations
|
|
-
|
|
15
|
|
Net cash provided by
operating activities
|
|
159,178
|
|
31,080
|
|
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
|
Net cash used in
investing activities-continuing operations
|
|
(79,891)
|
|
(12,893)
|
|
Net cash used in
investing activities-discontinuing operations
|
|
-
|
|
(14)
|
|
Net cash used in
investing activities
|
|
(79,891)
|
|
(12,907)
|
|
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
|
Net cash provided by
/ (used in) financing activities – continuing operations
|
|
31,740
|
|
(10,027)
|
|
Net cash used in
financing activities – discontinued operations
|
|
-
|
|
(1)
|
|
Net cash provided by
/ (used in) financing activities
|
|
31,740
|
|
(10,028)
|
|
|
|
|
|
|
|
Effect of exchange
rate changes
|
|
(1,582)
|
|
(1,997)
|
|
Net increase in cash,
cash equivalents and restricted cash
|
|
109,445
|
|
6,148
|
|
Cash, cash
equivalents and restricted cash at the beginning of the
period
|
|
118,404
|
|
115,294
|
|
Cash, cash
equivalents and restricted cash at the end of the period
|
|
227,849
|
|
121,442
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
|
Mar 31,
2021
|
|
Mar 31,
2020
|
|
Cash and cash
equivalents
|
|
167,049
|
|
63,803
|
|
Restricted
cash
|
|
60,800
|
|
57,639
|
|
Total cash, cash
equivalents, and restricted cash shown in the
statement of cash flows
|
|
227,849
|
|
121,442
|
|
Daqo New Energy
Corp.
Reconciliation of
non-GAAP financial measures to comparable US GAAP
measures
(US dollars in
thousands)
|
|
|
|
Three months
Ended
|
|
|
Mar. 31,
2021
|
|
Dec. 31,
2020
|
|
Mar. 31,
2020
|
|
Net income from
continuing operations
|
|
87,163
|
|
76,306
|
|
33,313
|
|
Income tax
expense
|
|
14,487
|
|
13,606
|
|
6,344
|
|
Interest
expense
|
|
7,825
|
|
8,254
|
|
6,287
|
|
Interest
income
|
|
(282)
|
|
(187)
|
|
(151)
|
|
Depreciation &
amortization
|
|
18,914
|
|
17,118
|
|
17,275
|
|
EBITDA
(non-GAAP)
|
|
128,107
|
|
115,097
|
|
63,068
|
|
EBIDTA margin
(non-GAAP)
|
|
50.0%
|
|
46.5%
|
|
37.4%
|
|
|
|
|
|
|
|
|
Three months
Ended
|
|
|
Mar. 31,
2021
|
|
Dec. 31,
2020
|
|
Mar. 31,
2020
|
|
Net income
attributable to Daqo New Energy
Corp. shareholders
|
|
83,219
|
|
72,826
|
|
33,230
|
|
Share-based
compensation
|
|
3,001
|
|
4,478
|
|
4,461
|
|
Adjusted net
income (non-GAAP) attributable to
Daqo New Energy Corp. shareholders
|
|
86,220
|
|
77,304
|
|
37,691
|
|
Adjusted earnings
per basic ADS (non-GAAP)
|
|
$1.18
|
|
$1.07
|
|
$0.54
|
|
Adjusted earnings
per diluted ADS (non-GAAP)
|
|
$1.12
|
|
$1.02
|
|
$0.49
|
|
View original
content:http://www.prnewswire.com/news-releases/daqo-new-energy-announces-unaudited-first-quarter-2021-results-301293289.html
SOURCE Daqo New Energy Corp.