SHANGHAI, April 27,
2023 /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
2023.
First Quarter 2023 Financial and Operating Highlights
- Polysilicon production volume was 33,848
MT in Q1 2023, compared to 33,702
MT in Q4 2022
- Polysilicon sales volume was 25,284 MT in Q1 2023, compared to
23,400 MT in Q4 2022
- Polysilicon average total production cost(1) was
$7.55/kg in Q1 2023, compared to
$7.69/kg in Q4 2022
- Polysilicon average cash cost(1) was $6.61/kg in Q1 2023, compared to $6.78/kg in Q4 2022
- Polysilicon average selling price (ASP) was $27.83/kg in Q1 2023, compared to $37.41/kg in Q4 2022
- Revenue was $709.8 million in Q1
2023, compared to $864.3 million in
Q4 2022
- Gross profit was $506.7 million
in Q1 2023, compared to $668.9
million in Q4 2022. Gross margin was 71.4% in Q1 2023,
compared to 77.4% in Q4 2022
- Net income attributable to Daqo New Energy Corp. shareholders
was $278.8 million in Q1 2023,
compared to $332.7 million in Q4
2022
- Earnings per basic American Depositary Share
(ADS)(3) was $3.56 in Q1 2023, compared to
$4.26 in Q4 2022
- Adjusted net income (non-GAAP)(2) attributable to
Daqo New Energy Corp. shareholders was $310.2 million in Q1
2023, compared to $363.1 million in
Q4 2022
- Adjusted earnings per basic ADS(3)
(non-GAAP)(2) was $3.96 in
Q1 2023, compared to $4.65 in Q4
2022
- EBITDA (non-GAAP)(2) was $490.2 million in Q1 2023, compared to
$648.5 million in Q4 2022. EBITDA
margin (non-GAAP)(2) was 69.1% in Q1 2023, compared to
75.0% in Q4 2022
|
Three months
ended
|
US$ millions
except as indicated
otherwise
|
Mar. 31,
2023
|
Dec. 31,
2022
|
Mar. 31,
2022
|
Revenues
|
709.8
|
864.3
|
1,280.3
|
Gross profit
|
506.7
|
668.9
|
813.6
|
Gross margin
|
71.4 %
|
77.4 %
|
63.5 %
|
Income from
operations
|
463.8
|
623.1
|
796.9
|
Net income attributable
to Daqo New Energy Corp.
shareholders
|
278.8
|
332.7
|
535.8
|
Earnings per basic
ADS(3) ($ per ADS)
|
3.56
|
4.26
|
7.17
|
Adjusted net income
(non-GAAP)(2) attributable to
Daqo New Energy Corp. shareholders
|
310.2
|
363.1
|
538.2
|
Adjusted earnings per
basic ADS(3) (non-GAAP)(2) ($ per
ADS)
|
3.96
|
4.65
|
7.20
|
EBITDA
(non-GAAP)(2)
|
490.2
|
648.5
|
826.8
|
EBITDA margin
(non-GAAP)(2)
|
69.1 %
|
75.0 %
|
64.6 %
|
Polysilicon sales
volume (MT)
|
25,284
|
23,400
|
38,839
|
Polysilicon average
total production cost ($/kg)(1)
|
7.55
|
7.69
|
10.09
|
Polysilicon average
cash cost (excl. dep'n) ($/kg)(1)
|
6.61
|
6.78
|
9.19
|
Notes:
(1) Production cost and cash cost only refer to production
in our polysilicon facilities. Production cost is calculated by the
inventoriable costs relating to production of polysilicon divided
by the production volume in the period indicated. Cash cost is
calculated by the inventoriable costs relating to production of
polysilicon excluding depreciation cost and non-cash share-based
compensation cost, 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. One (1) ADS
represents five (5) ordinary shares.
Management Remarks
Mr. Longgen Zhang, CEO of Daqo New Energy, commented, "Efficient
operation of our polysilicon facilities in the first quarter of
2023 resulted in a production volume of 33,848 MT. Our production cost decreased by 5.5% in
RMB terms primarily due to a reduction in the procurement cost of
metallurgical-grade silicon powder. For the quarter, we generated
$490 million in EBITDA with strong
operating cash flow and maintained a healthy balance sheet. Our
cash balance further improved to $4.1
billion and our combined cash and bank note receivable
balance reached $4.9
billion."
"In April, we completed the construction of our Phase 5A
100,000 MT polysilicon project in Inner Mongolia and successfully
started initial production of polysilicon. We expect to ramp up
production to full capacity by the end of June 2023, bringing our total polysilicon
nameplate capacity to 205,000 MT per annum. Therefore, we expect
total production volume to be approximately 44,000MT to 46,000 MT
of polysilicon in Q2 2023, an increase of 30% to 36% as compared to
Q1 2023 and approximately 193,000MT
to 198,000 MT of polysilicon in the full year of 2023, an increase
of 44% to 48% as compared to 2022. In addition, based on the latest
project schedule, our new semiconductor-grade polysilicon project
with 1,000 MT annual capacity is
expected to be completed and start pilot production by the end of
September 2023. With its new fully digitalized and highly
automated production system, we believe our Phase 5A Inner Mongolia
project will bring the Company to a new level in terms of the
overall competitiveness including its production capacity, low cost
structure and superior product quality."
"Polysilicon demand was weak in January due to the seasonal
slowdown in the solar PV industry. In February, lower module prices
stimulated end-market demand causing a meaningful recovery in
demand and price improvement across the solar value chain. In March
and April, polysilicon ASPs declined gradually due to increased
polysilicon supplies and
constrained short-term demand from
wafers manufacturers caused by the
limited supply of high-purity quartz used in the silicon-ingot
production process. Despite the ASP decline in the quarter, in our
major operational subsidiary Xinjiang Daqo, we still achieved very
strong gross margin of 71.4% and robust net income after tax per
unit of polysilicon sold of approximately RMB115/kg, which we believe is significantly higher than those for many
of our competitors and reflect our outstanding quality and cost
structure. Recently, we have seen a
clear trend that the ASP gap between high quality and low quality
polysilicon has started to enlarge and the demand for high quality
N-type products is increasing. We expect that this trend will
enable us to differentiate ourselves from our competitors based on
our high quality and low cost polysilicon ready for the
next-generation N-type technology. We believe that the overall
demand for solar PV will continue to grow in the coming quarters
and that the continued capacity
expansions by downstream manufacturers will lead to further
increases in polysilicon demand. In the second quarter of 2023, our
Phase 5A project will start to contribute a meaningful output of
approximately 10,000MT to
12,000MT of polysilicon. We plan to
reduce our inventory to approximately 5,000MT by the end of the second quarter. To
achieve this , we will need to increase our shipment to
59,000MT to 61,000MT MT in Q2, an increase of 133% to 141% as
compared to Q1."
"In November 2022, our board of
directors approved a US$700 million
share repurchase program, effective until December 31, 2023. As of now, we have already
spent US$85.1 million and repurchased
approximately 1.688 million ADSs. On April
6, 2023, our subsidiary Xinjiang Daqo's cash dividend plan
for 2022 was approved by its shareholders' meeting. Therefore, as a
72.7% shareholder of Xinjiang Daqo, we expect Daqo New Energy to
receive the dividend distribution in May with an amount of
approximately RMB4.96 billion (after
tax), which could be the financial source to implement the approved
share repurchase plan."
"We believe a new era for Solar PV has just begun. The
continuous cost reduction in solar PV products is expected to
create substantial additional green energy demand likely exceeding
most analysts' expectations. It is generally expected that solar PV
will eventually become one of the most important energies to power
the world. In addition, as solar PV technology keeps evolving, we
believe that the increasing needs for polysilicon of very high
purity will help differentiate us from our competitors thanks to
our ability to produce the type of polysilicon required for the
next generation of N-type technology. We will continue to maintain
solid growth and make sure to have one of the best balance sheets
in the industry in order to capture the long-term benefits of the
global solar PV market."
Outlook and guidance
The Company expects to produce approximately 44,000MT to 46,000MT
of polysilicon during the second quarter of 2023. The Company
expects to produce approximately 193,000MT to 198,000MT
of polysilicon for the full year of 2023, 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 2023 Results
Revenues
Revenues were $709.8 million,
compared to $864.3 million in the
fourth quarter of 2022 and $1,280.3
million in the first quarter of 2022. The decrease in
revenues compared to the fourth quarter of 2022 was primarily due
to a decrease in ASP mitigated by an increase in sales volume.
Gross profit and margin
Gross profit was $506.7 million,
compared to $668.9 million in the
fourth quarter of 2022 and $813.6
million in the first quarter of 2022. Gross margin was
71.4%, compared to 77.4% in the fourth quarter of 2022 and 63.5% in
the first quarter of 2022. The decrease in gross margin compared to
the fourth quarter of 2022 was primarily due to lower ASP, which
was partially mitigated by lower production cost.
Selling, general and administrative expenses
Selling, general and administrative expenses were $41.3 million, compared to $44.0 million in the fourth quarter of 2022 and
$15.5 million in the first quarter of
2022. SG&A expenses during the first quarter included
$28.0 million in non-cash share-based
compensation cost related to the Company's share incentive plans,
compared to $28.4 million in the
fourth quarter of 2022.
Research and development expenses
Research and development (R&D) expenses were $1.9 million, compared to $2.7 million in the fourth quarter of 2022 and
$2.1 million in the first quarter of
2022. 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
$463.8 million, compared to
$623.1 million in the fourth quarter
of 2022 and $796.9 million in the
first quarter of 2022.
Operating margin was 65.3%, compared to 72.1% in the fourth
quarter of 2022 and 62.2% in the first quarter of 2022.
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 $278.8 million, compared to $332.7 million in the fourth quarter of 2022 and
$535.8 million in the first quarter
of 2022.
Earnings per basic American Depository Share (ADS) was
$3.56, compared to $4.26 in the fourth quarter of 2022, and
$7.17 in the first quarter of
2022.
Adjusted income (non GAAP) attributable to Daqo New Energy
Corp. shareholders and adjusted earnings per ADS(non
GAAP)
As a result of the aforementioned, adjusted net income
(non-GAAP) attributable to Daqo New Energy Corp. shareholders,
excluding non-cash share-based compensation costs, was $310.2 million, compared to $363.1 million in the fourth quarter of 2022 and
$538.2 million in the first quarter
of 2022.
Adjusted earnings per basic American Depository Share (ADS) was
$3.96 compared to $4.65 in the fourth quarter of 2022, and
$7.20 in the first quarter of
2022.
EBITDA
EBITDA (non-GAAP) was $490.2
million, compared to $648.5
million in the fourth quarter of 2022 and $826.8 million in the first quarter of 2022.
EBITDA margin (non-GAAP) was 69.1%, compared to 75.0% in the fourth
quarter of 2022 and 64.6% in the first quarter of 2022.
Financial Condition
As of March 31, 2023, the Company
had $4,130.5 million in cash, cash
equivalents and restricted cash, compared to $3,520.4 million as of December 31, 2022 and $1,127.7 million as of March 31, 2022. As of March 31, 2023, the notes receivables balance was
$791.3 million, compared to
$1,131.6 million as of December 31, 2022 and $1,499.4 million as of March 31, 2022. Notes receivables represent bank
notes with maturity within six months.
Cash Flows
For the three months ended March 31,
2023, net cash provided by operating activities was
$807.0 million, compared to
$231.3 million in the same period of
2022.
For the three months ended March 31,
2023, net cash used in investing activities was $268.9 million, compared to net cash provided by
investing activities of $170.4
million in the same period of 2022. The net cash used in
investing activities in the first quarter of 2023 was primarily
related to the capital expenditures on the Company's 100,000 MT
polysilicon project in Baotou City, Inner Mongolia.
For the three months ended March 31,
2023, net cash provided by financing activities was
$59.9 million, compared to nil in the
same period of 2022. The net cash provided by financing activities
in the first quarter of 2023 was primarily related to the net
proceeds of $140.0 million from bank
borrowings offset in part by $80.1
million spent in stock repurchases.
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 7:00 AM Eastern Time on
April 27, 2023. (7:00 PM Beijing / Hong
Kong time on the same day).
The dial-in details for the earnings conference call are as
follows:
Participant dial in (U.S. 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://event.choruscall.com/mediaframe/webcast.html?webcastid=nVNvoR4C
A replay of the call will be available 1 hour after the
conclusion of the conference call through May 4, 2023. The dial in details for the
conference call replay are as follows:
U.S. toll free: +1-877-344-7529
International toll: +1-412-317-0088
Canada toll free:
855-669-9658
Replay access code: 1955182
To access the replay through an international dial-in number,
please select the link below.
https://services.choruscall.com/ccforms/replay.html
Participants will be asked to provide their name and
company name 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 manufactures and
sells high-purity polysilicon to photovoltaic product manufactures,
who further process the polysilicon into ingots, wafers, cells and
modules for solar power solutions. The Company has a total
polysilicon nameplate capacity of 205,000 metric tons and is one of
the world's lowest cost producers of high-purity polysilicon.
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," "guidance" and similar statements. Among
other things, the outlook for the second quarter and the full year
of 2023 and quotations from management in these announcements, 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, all of which
are difficult or impossible to predict accurately and many of which
are beyond the Company's control. 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;
changes in political and regulatory environment; and the
duration and continued impact of COVID-19 outbreaks in the world.
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
|
(US dollars in
thousands, except ADS and per ADS data)
|
|
Three months
Ended
|
|
|
Mar. 31,
2023
|
|
Dec. 31,
2022
|
|
Mar. 31,
2022
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$709,834
|
|
$864,251
|
|
$1,280,323
|
|
Cost of
revenues
|
|
(203,102)
|
|
(195,368)
|
|
(466,767)
|
|
Gross profit
|
|
506,732
|
|
668,883
|
|
813,556
|
|
Operating
expenses
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
(41,284)
|
|
(43,979)
|
|
(15,483)
|
|
Research and
development expenses
|
|
(1,938)
|
|
(2,738)
|
|
(2,079)
|
|
Other operating
income
|
|
292
|
|
903
|
|
938
|
|
Total operating
expenses
|
|
(42,930)
|
|
(45,814)
|
|
(16,624)
|
|
Income from
operations
|
|
463,802
|
|
623,069
|
|
796,932
|
|
Interest
income(expense), net
|
|
11,947
|
|
12,030
|
|
(1,468)
|
|
(Loss)/gain on
short-term investment
|
|
13
|
|
(132)
|
|
1,495
|
|
Income before income
taxes
|
|
475,762
|
|
634,967
|
|
796,959
|
|
Income tax
expense
|
|
(81,067)
|
|
(148,675)
|
|
(129,908)
|
|
Net income
|
|
394,695
|
|
486,292
|
|
667,051
|
|
Net income attributable
to non-controlling interest
|
|
115,891
|
|
153,559
|
|
131,208
|
|
Net income attributable
to Daqo New Energy Corp.
shareholders
|
|
$278,804
|
|
$332,733
|
|
$535,843
|
|
|
|
|
|
|
|
|
|
Earnings per
ADS
|
|
|
|
|
|
|
|
Basic
|
|
3.56
|
|
4.26
|
|
7.17
|
|
Diluted
|
|
3.52
|
|
4.20
|
|
6.99
|
|
|
|
|
|
|
|
|
|
Weighted average ADS
outstanding
|
|
|
|
|
|
|
|
Basic
|
|
78,298,405
|
|
78,052,481
|
|
74,710,994
|
|
Diluted
|
|
78,839,166
|
|
78,898,049
|
|
76,631,999
|
|
Daqo New Energy
Corp.
|
Unaudited
Consolidated Balance Sheets
|
(US dollars in
thousands)
|
|
|
Mar. 31, 2023
|
|
Dec. 31,
2022
|
|
Mar. 31,
2022
|
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
|
Cash, cash equivalents
and restricted cash
|
|
4,130,549
|
|
3,520,351
|
|
1,127,735
|
|
Short-term
investments
|
|
5,823
|
|
13,927
|
|
10,411
|
|
Notes
receivable
|
|
791,346
|
|
1,131,566
|
|
1,499,425
|
|
Inventories
|
|
191,708
|
|
169,517
|
|
100,313
|
|
Other current
assets
|
|
70,223
|
|
53,802
|
|
14,412
|
|
Total current
assets
|
|
5,189,649
|
|
4,889,163
|
|
2,752,296
|
|
Property, plant and
equipment, net
|
|
2,884,700
|
|
2,605,195
|
|
1,619,217
|
|
Prepaid land use
right
|
|
80,221
|
|
80,330
|
|
40,592
|
|
Other non-current
assets
|
|
35,672
|
|
19,408
|
|
800
|
|
TOTAL ASSETS
|
|
8,190,242
|
|
7,594,096
|
|
4,412,905
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Short-term
borrowings
|
|
140,000
|
|
-
|
|
-
|
|
Accounts payable and
notes payable
|
|
97,402
|
|
102,562
|
|
56,422
|
|
Advances from
customers-short term portion
|
|
184,936
|
|
121,992
|
|
465,973
|
|
Payables for purchases
of property, plant and
equipment
|
|
266,164
|
|
230,440
|
|
104,160
|
|
Other current
liabilities
|
|
252,400
|
|
281,548
|
|
297,507
|
|
Total current
liabilities
|
|
940,902
|
|
736,542
|
|
924,062
|
|
Advance from customers
– long term portion
|
|
160,267
|
|
153,176
|
|
99,409
|
|
Other non-current
liabilities
|
|
105,792
|
|
99,772
|
|
49,262
|
|
TOTAL
LIABILITIES
|
|
1,206,961
|
|
989,490
|
|
1,072,733
|
|
EQUITY:
|
|
|
|
|
|
|
|
Total Daqo New
Energy Corp.'s shareholders'
equity
|
|
5,063,463
|
|
4,807,376
|
|
2,705,856
|
|
Non-controlling
interest
|
|
1,919,818
|
|
1,797,230
|
|
634,316
|
|
Total equity
|
|
6,983,281
|
|
6,604,606
|
|
3,340,172
|
|
TOTAL LIABILITIES &
EQUITY
|
|
8,190,242
|
|
7,594,096
|
|
4,412,905
|
|
Daqo New Energy
Corp.
|
Unaudited
Consolidated Statements of Cash Flows
|
(US dollars in
thousands)
|
|
For the three months
ended March 31,
|
|
|
2023
|
|
2022
|
|
Operating
Activities:
|
|
|
|
|
|
Net income
|
|
$394,695
|
|
$667,051
|
|
Adjustments to
reconcile net income to net cash provided by
operating activities
|
|
64,183
|
|
31,837
|
|
Changes in operating
assets and liabilities
|
|
348,161
|
|
(467,544)
|
|
Net cash provided by
operating activities
|
|
807,039
|
|
231,344
|
|
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
|
Purchases of property,
plant and equipment
|
|
(277,058)
|
|
(101,263)
|
|
Purchase of short-term
investments
|
|
-
|
|
(858)
|
|
Redemption of
short-term investments
|
|
8,167
|
|
272,501
|
|
Net cash (used in) /
provided by investing activities
|
|
(268,891)
|
|
170,380
|
|
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
|
Net cash provided by
financing activities
|
|
59,865
|
|
-
|
|
|
|
|
|
|
|
Effect of exchange rate
changes
|
|
12,185
|
|
2,045
|
|
Net increase in cash,
cash equivalents and restricted cash
|
|
610,198
|
|
403,769
|
|
Cash, cash equivalents
and restricted cash at the beginning of the
period
|
|
3,520,351
|
|
723,966
|
|
Cash, cash equivalents
and restricted cash at the end of the period
|
|
4,130,549
|
|
1,127,735
|
|
Daqo New Energy Corp.
|
Reconciliation of non-GAAP financial measures to
comparable US GAAP measures
|
(US dollars in
thousands)
|
|
Three months
Ended
|
|
|
Mar. 31,
2023
|
|
Dec. 31,
2022
|
|
Mar. 31,
2022
|
|
Net
income
|
|
394,695
|
|
486,292
|
|
667,051
|
|
Income tax
expense
|
|
81,067
|
|
148,675
|
|
129,908
|
|
Interest
(income) expense, net
|
|
(11,947)
|
|
(12,030)
|
|
1,468
|
|
Depreciation
& amortization
|
|
26,399
|
|
25,585
|
|
28,359
|
|
EBITDA
(non-GAAP)
|
|
490,214
|
|
648,522
|
|
826,786
|
|
EBIDTA margin
(non-GAAP)
|
|
69.10 %
|
|
75.00 %
|
|
64.60 %
|
|
|
|
|
|
|
|
|
|
|
Three months
Ended
|
|
|
Mar. 31,
2023
|
|
Dec. 31,
2022
|
|
Mar. 31,
2022
|
|
Net income attributable to Daqo New
Energy
Corp. shareholders
|
|
278,804
|
|
332,733
|
|
535,843
|
|
Share-based compensation
|
|
31,401
|
|
30,376
|
|
2,357
|
|
Adjusted net
income (non-GAAP) attributable
to Daqo New Energy Corp. shareholders
|
|
310,205
|
|
363,109
|
|
538,200
|
|
Adjusted
earnings per basic ADS (non-GAAP)
|
|
|
|
|
|
|
|
$3.96
|
$4.65
|
$7.20
|
Adjusted
earnings per diluted ADS (non-
GAAP)
|
|
|
|
|
|
$7.02
|
|
$3.93
|
$4.60
|
|
|
|
|
|
|
|
|
For more information, please visit www.dqsolar.com
Daqo New Energy Corp.
Investor Relations
Christensen
In China
Mr. Rene Vanguestaine
Phone: +86 178 1749 0483
rvanguestaine@christensencomms.com
In the U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@Christensencomms.com
View original
content:https://www.prnewswire.com/news-releases/daqo-new-energy-announces-unaudited-first-quarter-2023-results-301809472.html
SOURCE Daqo New Energy Corp.