SHANGHAI, Aug. 3, 2022
/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 second quarter of
2022.
Second Quarter 2022 Financial and Operating
Highlights
- Polysilicon production volume was 35,326
MT in Q2 2022, compared to 31,383 MT in Q1 2022
- Polysilicon sales volume was 37,545
MT in Q2 2022, compared to 38,839
MT in Q1 2022
- Polysilicon average total production cost(1) was
$7.26/kg in Q2 2022, compared to
$10.09/kg in Q1 2022
- Polysilicon average cash cost(1) was $6.51/kg in Q2 2022, compared to $9.19/kg in Q1 2022
- Polysilicon average selling price (ASP) was $33.08/kg in Q2 2022, compared to $32.76/kg in Q1 2022
- Revenue was $1,244.1 million in
Q2 2022, compared to $1,280.3 million
in Q1 2022
- Gross profit was $946.9 million
in Q2 2022, compared to $813.6
million in Q1 2022. Gross margin was 76.1% in Q2 2022,
compared to 63.5% in Q1 2022
- Net income attributable to Daqo New Energy Corp. shareholders
was $627.8 million in Q2 2022,
compared to $535.8 million in Q1
2022
- Earnings per basic American Depositary Share
(ADS)(3) was $8.36 in Q2
2022, compared to $7.17 in Q1
2022
- EBITDA (non-GAAP)(2) was $955.4 million in Q2 2022, compared to
$826.8 million in Q1 2022. EBITDA
margin (non-GAAP)(2) was 76.8% in Q2 2022, compared to
64.6% in Q1 2022
|
Three months
ended
|
US$ millions
except as indicated
otherwise
|
Jun 30,
2022
|
Mar 31,
2022
|
Jun 30,
2021
|
Revenues
|
1,244.1
|
1,280.3
|
441.4
|
Gross profit
|
946.9
|
813.6
|
303.2
|
Gross margin
|
76.1 %
|
63.5 %
|
68.7 %
|
Income from
operations
|
927.6
|
796.9
|
292.4
|
Net income attributable
to Daqo New Energy Corp.
shareholders
|
627.8
|
535.8
|
232.1
|
Earnings per basic
ADS(3) ($ per ADS)
|
8.36
|
7.17
|
3.15
|
EBITDA
(non-GAAP)(2)
|
955.4
|
826.8
|
311.7
|
EBITDA margin
(non-GAAP)(2)
|
76.8 %
|
64.6 %
|
70.6 %
|
Polysilicon sales
volume (MT)
|
37,545
|
38,839
|
21,060
|
Polysilicon average
total production cost ($/kg)(1)
|
7.26
|
10.09
|
6.31
|
Polysilicon average
cash cost (excl. dep'n) ($/kg)(1)
|
6.51
|
9.19
|
5.41
|
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
expense, divided by the production volume in the period
indicated.
(2) Daqo New Energy provides EBITDA and
EBITDA margins 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 representing five (5) ordinary shares.
Management Remarks
Mr. Longgen Zhang, CEO of Daqo New Energy, commented, "We are
very proud to deliver an excellent quarter with record production
volume and profits. Revenue reached $1.24
billion, gross profit was $947
million with gross margin of 76%. Net income attributable to
Daqo shareholders was $628 million,
an increase of 17.2% from $535.8
million in the first quarter of 2022 and an increase of 170%
from $232 million in Q2 2021. Our
cash position at the end of the quarter was $3.3 billion, an increase of approximately
$2.2 billion from $1.1 billion at the end of Q1 2022, reflecting
our strong cash flow generation. Cash and bank note receivable
combined balances reached $4.6
billion. Operating cash flow was $1.1
billion for the first six months of this
year."
"During the quarter, we operated at full capacity and produced
35,326 MT of polysilicon. More than
99% of our production were high-purity Mono-grade polysilicon
products. We successfully ramped up our new Phase 4B facility to full capacity and further
optimized its operational performance. Our sequential improvements
in gross profit and gross margin were primarily driven by a 28%
reduction in our polysilicon production cost. With higher
manufacturing efficiency and better economy of scale, we reduced
our per unit electricity cost and depreciation cost by 7% and 13%
in RMB terms quarter-over-quarter, respectively. In addition, our
metallurgical–grade silicon cost in the second quarter was reduced
by 37% as compared to the first quarter. With our facility in
optimized stable operations, we believe we will be able to
maintain, and possibly further improve, our cost structure in Q3
and Q4 this year. We expect an even more favorable outlook for cost
at our new Inner Mongolia facility.
"As a chemical refining facility, safe and stable operations are
extremely important for polysilicon production, and our facilities
perform the best under such conditions. In order to minimize the
impact on operations, we will conduct our annual maintenance
in phases spread throughout the
third and fourth quarters. During the same time, we will conduct
some technology improvement projects which are expected to further
save energy and optimize efficiency. As a result, we expect our
polysilicon production volume in the third quarter to be in the
range of 31,000 – 32,000MT. With our
better-than-expected operational performance in the first half of
2022, we are increasing our guidance on annual production volume to
129,000 – 132,000MT for the full year
2022, up from our previous guidance of 120,000-125,000MT."
"In June 2022, our major operating
subsidiary, Xinjiang Daqo, received the total gross proceeds of
approximately RMB11 billion from its
private offering on the Shanghai Stock Exchange. Upon completion of
the private offering, Daqo New Energy beneficially owns
approximately 72.68% of Xinjiang Daqo. Proceeds from the offering
will be used primarily for our Phase 5A polysilicon project of
100,000 MT in Inner Mongolia. This new project is currently under
construction and expected to be completed by the second quarter of
2023."
"Driven by several favorable trends, the global solar industry
saw robust demand in the first half of this year, and demand both
in China and overseas continues to
exceed market expectations. According to data from the China
Photovoltaic Industry Association, China's production of polysilicon and solar
modules in the first half of 2022 was approximately 365,000 MT and
123.6 GW, respectively, an increase of 53.4% and 54.1% compared to
the same period of 2021. While solar PV products' supply increased
significantly compared to last year, ASPs kept rising across the
entire solar value chain due to stronger-than-expected end market
demand. Despite rising ASPs, during the first half, solar PV
installations in China reached
30.9 GW, and China exported 78.6
GW of solar modules, up 137% and 74%, respectively, over the same
period of 2021. Driven by strong end market demand and increased
orders from wafer suppliers, polysilicon ASPs and profitability
improved continuously during the first half of this year despite
increased supply. According to the China Silicon Association, the
average price (VAT included) for high-density mono grade
polysilicon increased significantly by 29.3% from RMB 229/kg in the first week in January 2022 to RMB
296/kg in the last week of July
2022. Nevertheless, our production is sold out for August
and we have a strong order backlog for our products. We understand
that many newly built wafer facilities are idle because of a
shortage of polysilicon, as capacity expansion is much faster in
downstream than in polysilicon sector."
"Beyond the urgency to address climate change that is driving
various supportive policies to accelerate the adoption of solar
energy globally, the recent conflict in Europe has led to an energy crisis with
substantially higher natural gas and oil prices. Solar PV is easy
and fast to deploy and its cost, which has already reached grid
parity, is locked-in for the next 20 to 30 years. The rise in
energy costs has made solar PV increasingly attractive, especially
in the countries currently facing energy shortages and seeking
energy safety and independence. For instance, in the second
quarter, European solar PPA price increased substantially and the
market saw a substantial increase in demand from Europe with module exports to Europe greater than 50% of total module export
for China."
"In June, our board of directors authorized the Company to
repurchase up to US$120 million worth
of its own issued shares on the open market. As of today, we have
already repurchased approximately $50
million worth of our ADRs and we will continue to do so as
we believe our current ADR price is seriously undervalued and not
reflective of our position as an industry leader with strong
profitability and operating cash flow."
"With growing global policy support and attractive economics, we
are confident that solar PV market demand and prices will remain
strong, providing sustainable and healthy profits to the solar
manufacturing value chain. In the first half of 2022, despite a
53.4% increase in production volumes in China over the same period of 2021,
polysilicon was still a drag on the entire solar PV manufacturing
value chain and capacity expansion was meaningfully slower than in
the downstream sectors. Challenges in getting energy consumption
approvals, long construction times, and delayed ramp-up times, as
well as the operational inexperience of new players, make
polysilicon one of the sectors with the highest entry barriers and
slowest expansion growth in the solar PV manufacturing value chain.
We expect this imbalance to continue for a while and help our
sector greatly benefit from the robust market demand. We will
continue to focus on our core business and further strengthen our
industry leadership by increasing capacity, reducing our cost
structure and improving product quality so as to continuously
reward our shareholders. Our vision is that in the not-too-distant
future, renewable energy will displace fossil fuels to become the
primary source of energy for humans, with solar energy playing the
biggest role. And our mission is to help make that vision a
reality."
Outlook and guidance
The Company expects to produce approximately 31,000MT to 32,000MT
of polysilicon in the third quarter of 2022 and approximately
129,000MT to 132,000MT of polysilicon in the full year 2022,
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.
Second Quarter 2022 Results
Revenues
Revenues were $1,244.1 million,
compared to $1,280.3 million in the
first quarter of 2022 and $441.4
million in the second quarter of 2021. The minor decrease in
the revenues as compared to the first quarter of 2022 was due to a
decrease in sales volume but compensated by an increase in ASP.
Gross profit and margin
Gross profit was $946.9 million,
compared to $813.6 million in the
first quarter of 2022 and $303.2
million in the second quarter of 2021. Gross margin was
76.1%, compared to 63.5% in the first quarter of 2022 and 68.7% in
the second quarter of 2021. The increase in gross profit and gross
margin as compared to the first quarter of 2022 was primarily due
to lower production cost and higher ASPs.
Selling, general and administrative expenses
Selling, general and administrative expenses were $14.4 million, compared to $15.5 million in the first quarter of 2022 and
$9.3 million in the second quarter of
2021. SG&A expenses during the second quarter included
$2.0 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 $2.7 million, compared to $2.1 million in the first quarter of 2022 and
$2.1 million in the second quarter of
2021. 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
$927.6 million, compared to
$796.9 million in the first quarter
of 2022 and $292.4 million in the
second quarter of 2021.
Operating margin was 74.6%, compared to 62.2% in the first
quarter of 2022 and 66.3% in the second quarter of 2021.
EBITDA (non-GAAP)
EBITDA (non-GAAP) was $955.4
million, compared to $826.8
million in the first quarter of 2022 and $311.7 million in the second quarter of 2021.
EBITDA margin (non-GAAP) was 76.8%, compared to 64.6% in the first
quarter of 2022 and 70.6% in the second quarter of 2021.
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 $627.8 million, compared to $535.8 million in the first quarter of 2022 and
$232.1 million in the second quarter
of 2021.
Earnings per basic American Depository Share (ADS) was
$8.36, compared to $7.17 in the first quarter of 2022, and
$3.15 in the second quarter of
2021.
Financial Condition
As of June 30, 2022, the Company
had $3,284.3 million in cash, cash
equivalents and restricted cash, compared to $1,127.7 million as of March 31, 2022 and $269.7
million as of June 30, 2021.
As of June 30, 2022, the notes
receivable balance was $1,269.3
million, compared to $1,499.4
million as of March 31, 2022
and $97.0 million as of June 30, 2021. As of June
30, 2022, total borrowings were nil, compared to nil as of
March 31, 2022 and total borrowings
of $156.6 million, including
$70.9 million long-term borrowings,
as of June 30, 2021.
Cash Flows
For the six months ended June 30,
2022, net cash provided by operating activities was
$1,128.8 million, compared to
$442.3 million in the same period of
2021. The increase was primarily due to higher revenues and gross
margin.
For the six months ended June 30,
2022, net cash used in investing activities was $80.3 million, compared to $255.4 million in the same period of 2021. The
net cash used in investing activities in 2022 was primarily related
to the capital expenditures on the Company's 100,000 MT polysilicon
project in Baotou City, Inner Mongolia, which was partially offset
by $265.0 million redemption of
short-term investments
For the six months ended June 30,
2022, net cash provided by financing activities was
$1,579.3 million, compared to net
cash used in financing activities of $37.1
million in the same period of 2021. The net cash provided by
financing activities in 2022 was primarily related to the net
proceeds of $1,631.7 million from by
Xinjiang Daqo' private offering in China.
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 (which represents the proportion of EBITDA in
revenues). 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.
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
August 3, 2022. (8:00 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://event.choruscall.com/mediaframe/webcast.html?webcastid=h0088h2l
A replay of the call will be available 1 hour after the end of
the conference through August 10,
2022.
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:
|
8742766
|
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 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 105,000 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", "might" and "guidance" and similar
statements. Among other things, the outlook for the third quarter
and the full year of 2022 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 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
|
(US dollars in
thousands, except ADS and per ADS data)
|
|
|
|
|
|
|
Three months
ended
|
Six months
ended
|
|
|
Jun 30,
2022
|
|
Mar 31,
2022
|
|
Jun 30,
2021
|
|
Jun 30,
2022
|
|
Jun 30,
2021
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$1,244,086
|
|
$1,280,323
|
|
$441,368
|
|
$2,524,409
|
|
$697,463
|
Cost of
revenues
|
|
(297,220)
|
|
(466,767)
|
|
(138,133)
|
|
(763,987)
|
|
(275,284)
|
Gross profit
|
|
946,866
|
|
813,556
|
|
303,235
|
|
1,760,422
|
|
422,179
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
expenses
|
|
(14,430)
|
|
(15,483)
|
|
(9,267)
|
|
(29,913)
|
|
(18,301)
|
Research and
development expenses
|
|
(2,711)
|
|
(2,079)
|
|
(2,101)
|
|
(4,790)
|
|
(3,299)
|
Other operating
(expense)/ income
|
|
(2,143)
|
|
938
|
|
549
|
|
(1,205)
|
|
1,028
|
Total operating
expenses
|
|
(19,284)
|
|
(16,624)
|
|
(10,819)
|
|
(35,908)
|
|
(20,572)
|
Income from
operations
|
|
927,582
|
|
796,932
|
|
292,416
|
|
1,724,514
|
|
401,607
|
Interest expense,
net
|
|
(3,677)
|
|
(1,468)
|
|
(6,431)
|
|
(5,146)
|
|
(13,973)
|
Investment
income
|
|
34
|
|
1,495
|
|
-
|
|
1,529
|
|
-
|
Income before income
taxes
|
|
923,939
|
|
796,959
|
|
285,985
|
|
1,720,897
|
|
387,634
|
Income tax
expense
|
|
(143,460)
|
|
(129,908)
|
|
(43,083)
|
|
(273,368)
|
|
(57,570)
|
Net income
|
|
780,479
|
|
667,051
|
|
242,902
|
|
1,447,529
|
|
330,064
|
Net income attributable
to non-controlling
interest
|
|
152,662
|
|
131,208
|
|
10,802
|
|
283,871
|
|
14,746
|
Net income attributable
to Daqo New
Energy Corp. shareholders
|
|
$ 627,817
|
|
$535,843
|
|
$232,100
|
|
$1,163,658
|
|
$315,318
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
ADS
|
|
8.36
|
|
7.17
|
|
3.15
|
|
15.53
|
|
4.29
|
Basic
|
|
|
|
|
|
Diluted
|
|
8.18
|
|
6.99
|
|
3.03
|
|
15.17
|
|
4.11
|
Weighted average ADS
outstanding
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
75,119,100
|
|
74,710,994
|
|
73,714,734
|
|
74,915,182
|
|
73,522,256
|
Diluted
|
|
76,756,442
|
|
76,631,999
|
|
76,688,538
|
|
76,719,978
|
|
76,745,282
|
Daqo New Energy
Corp.
|
Unaudited Condensed
Consolidated Balance Sheets
|
(US dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
Jun. 30,
2022
|
|
Mar. 31,
2022
|
|
Jun. 30,
2021
|
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
|
Cash, cash equivalents
and restricted cash
|
|
3,284,251
|
|
1,127,735
|
|
269,724
|
|
Short-term
investments
|
|
11,392
|
|
10,411
|
|
10,403
|
|
Notes
receivable
|
|
1,269,314
|
|
1,499,425
|
|
96,977
|
|
Inventories
|
|
52,264
|
|
100,313
|
|
33,815
|
|
Other current
assets
|
|
39,533
|
|
14,412
|
|
18,800
|
|
Total current
assets
|
|
4,656,754
|
|
2,752,296
|
|
429,719
|
|
Property, plant and
equipment, net
|
|
1,763,632
|
|
1,619,217
|
|
1,217,524
|
|
Prepaid land use
right
|
|
38,196
|
|
40,592
|
|
37,020
|
|
Other non-current
assets
|
|
25,549
|
|
800
|
|
32,488
|
|
TOTAL
ASSETS
|
|
6,484,131
|
|
4,412,905
|
|
1,716,751
|
|
|
|
|
|
|
|
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Short-term borrowings,
including current portion
of long-term borrowings
|
|
-
|
|
-
|
|
85,661
|
|
Accounts payable and
notes payable
|
|
115,337
|
|
56,422
|
|
60,845
|
|
Advances from
customers-short term portion
|
|
375,410
|
|
465,973
|
|
115,856
|
|
Payables for purchases
of property, plant and
equipment
|
|
94,113
|
|
104,160
|
|
36,018
|
|
Other current
liabilities
|
|
250,805
|
|
297,507
|
|
96,885
|
|
Total current
liabilities
|
|
835,665
|
|
924,062
|
|
395,265
|
|
Long-term
borrowings
|
|
-
|
|
-
|
|
70,948
|
|
Advance from customers
– long term portion
|
|
95,647
|
|
99,409
|
|
78,212
|
|
Other non-current
liabilities
|
|
42,850
|
|
49,262
|
|
29,017
|
|
TOTAL
LIABILITIES
|
|
974,162
|
|
1,072,733
|
|
573,442
|
|
EQUITY:
|
|
|
|
|
|
|
|
Total Daqo New Energy
Corp.'s shareholders'
equity
|
|
4,050,213
|
|
2,705,856
|
|
1,096,415
|
|
Non-controlling
interest
|
|
1,459,756
|
|
634,316
|
|
46,894
|
|
Total equity
|
|
5,509,969
|
|
3,340,172
|
|
1,143,309
|
|
TOTAL LIABILITIES &
EQUITY
|
|
6,484,131
|
|
4,412,905
|
|
1,716,751
|
|
Daqo New Energy
Corp.
|
Unaudited Condensed
Consolidated Statements of Cash Flows
|
(US dollars in
thousands)
|
|
|
|
For the six months
ended June 30,
|
|
|
|
2022
|
|
2021
|
|
Operating
activities:
|
|
|
|
|
|
Net income
|
|
1,447,529
|
|
330,064
|
|
Adjustments to
reconcile net income to net cash provided by
operating activities
|
|
67,106
|
|
44,106
|
|
Changes in operating
assets and liabilities
|
|
(385,807)
|
|
68,083
|
|
Net cash provided by
operating activities
|
|
1,128,828
|
|
442,253
|
|
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
|
Net cash used in
investing activities
|
|
(80,337)
|
|
(255,449)
|
|
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
|
Net cash provided by /
(used in) financing activities
|
|
1,579,279
|
|
(37,056)
|
|
Non-cash
transactions
|
|
|
|
|
|
Effect of exchange rate
changes
|
|
(67,485)
|
|
1,572
|
|
Net increase in cash,
cash equivalents and restricted cash
|
|
2,560,285
|
|
151,320
|
|
Cash, cash equivalents
and restricted cash at the beginning of the
period
|
|
723,966
|
|
118,404
|
|
Cash, cash equivalents
and restricted cash at the end of the period
|
|
3,284,251
|
|
269,724
|
|
Daqo New Energy
Corp.
|
Reconciliation of
non-GAAP financial measures to comparable US GAAP
measures
|
(US dollars in
thousands)
|
|
|
|
Three months
Ended
|
|
Six months
Ended
|
|
|
Jun 30,
2022
|
|
Mar 31,
2022
|
|
Jun 30,
2021
|
|
Jun 30,
2022
|
|
Jun 30,
2021
|
Net
income
|
|
780,479
|
|
667,051
|
|
242,902
|
|
1,447,529
|
|
330,064
|
Income tax
expense
|
|
143,460
|
|
129,908
|
|
43,083
|
|
273,368
|
|
57,570
|
Interest expense,
net
|
|
3,677
|
|
1,468
|
|
6,431
|
|
5,146
|
|
13,973
|
Depreciation &
Amortization
|
|
27,765
|
|
28,359
|
|
19,322
|
|
56,124
|
|
38,236
|
EBITDA (non-GAAP)
|
|
955,381
|
|
826,786
|
|
311,738
|
|
1,782,167
|
|
439,843
|
EBITDA margin
(non-GAAP)
|
|
76.8 %
|
|
64.6 %
|
|
70.6 %
|
|
70.6 %
|
|
63.1 %
|
For more information, please visit www.dqsolar.com
View original
content:https://www.prnewswire.com/news-releases/daqo-new-energy-announces-unaudited-second-quarter-2022-results-301598821.html
SOURCE Daqo New Energy Corp.