The following table provides a reconciliation of net income to EBITDA (in thousands, unaudited):
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| September 30, | September 30, | ||||||||||||||||
| 2018 | 2017 | 2018 | 2017 | ||||||||||||||
| Net income (per-GAAP) | $ | 30,908 | $ | 14,450 | $ | 74,502 | $ | 28,846 | |||||||||
| Plus: | |||||||||||||||||
| Interest expense, net | 1,844 | 3,172 | 6,188 | 9,501 | |||||||||||||
| Income tax provision | 13,190 | 5,052 | 31,726 | 11,651 | |||||||||||||
| Depreciation and amortization | 26,072 | 24,096 | 78,218 | 71,195 | |||||||||||||
| EBITDA (non-GAAP) | $ | 72,014 | $ | 46,770 | $ | 190,634 | $ | 121,193 | |||||||||
| DIODES INCORPORATED AND SUBSIDIARIES | ||||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||||
|
(in thousands) |
||||||||||
| September 30, | December 31, | |||||||||
| 2018 | 2017 | |||||||||
| (unaudited) | (audited) | |||||||||
| CURRENT ASSETS | ||||||||||
| Cash and cash equivalents | $ | 150,274 | $ | 203,820 | ||||||
| Short-term investments | 7,280 | 4,558 | ||||||||
| Accounts receivable, net | 228,065 | 200,112 | ||||||||
| Inventories | 219,146 | 216,506 | ||||||||
| Prepaid expenses and other | 42,804 | 37,328 | ||||||||
| Total current assets | 647,569 | 662,324 | ||||||||
| PROPERTY, PLANT AND EQUIPMENT, net | 454,086 | 459,169 | ||||||||
| DEFERRED INCOME TAXES | 44,000 | 40,580 | ||||||||
| OTHER ASSETS | ||||||||||
| Goodwill | 132,910 | 134,187 | ||||||||
| Intangible assets, net | 142,487 | 156,445 | ||||||||
| Other | 46,732 | 35,968 | ||||||||
| Total assets | $ | 1,467,784 | $ | 1,488,673 | ||||||
| CURRENT LIABILITIES | ||||||||||
| Line of Credit | $ | 12,283 | $ | 1,008 | ||||||
| Accounts payable | 117,118 | 108,001 | ||||||||
| Accrued liabilities and other | 92,039 | 99,301 | ||||||||
| Income tax payable | 14,145 | 18,216 | ||||||||
| Current portion of long-term debt | 26,285 | 20,636 | ||||||||
| Total current liabilities | 261,870 | 247,162 | ||||||||
| LONG-TERM DEBT, net of current portion | 139,987 | 247,492 | ||||||||
| DEFERRED TAX LIABILITIES - non current | 26,308 | 25,176 | ||||||||
| OTHER LONG-TERM LIABILITIES | 87,168 | 94,925 | ||||||||
| Total liabilities | 515,333 | 614,755 | ||||||||
| 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; 50,190,959 and 49,130,090, issued and outstanding at September 30, 2018 and December 31, 2017, respectively | 34,433 | 33,727 | ||||||||
| Additional paid-in capital | 395,412 | 386,338 | ||||||||
| Retained earnings | 607,189 | 532,687 | ||||||||
| Treasury stock, at cost, 1,457,206 shares held at September 30, 2018 and December 31,2017 | (37,768 | ) | (37,768 | ) | ||||||
| Accumulated other comprehensive loss | (91,598 | ) | (83,480 | ) | ||||||
| Total Diodes Incorporated stockholders' equity | 907,668 | 831,504 | ||||||||
| Noncontrolling interest | 44,783 | 42,414 | ||||||||
| Total equity | 952,451 | 873,918 | ||||||||
| Total liabilities and equity | $ | 1,467,784 | $ | 1,488,673 | ||||||
