SHANGHAI, Aug. 3, 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 second quarter of
2023.
Second Quarter 2023 Financial and Operating
Highlights
- Polysilicon production volume was 45,306
MT in Q2 2023, compared to 33,848
MT in Q1 2023
- Polysilicon sales volume was 51,550
MT in Q2 2023, compared to 25,284 MT in Q1 2023
- Polysilicon average total production cost(1) was
$6.92/kg in Q2 2023, compared to
$7.55/kg in Q1 2023
- Polysilicon average cash cost(1) was $6.05/kg in Q2 2023, compared to $6.61/kg in Q1 2023
- Polysilicon average selling price (ASP) was $12.33/kg in Q2 2023, compared to $27.83/kg in Q1 2023
- Revenue was $636.7 million in Q2
2023, compared to $709.8 million in
Q1 2023
- Gross profit was $258.9 million
in Q2 2023, compared to $506.7
million in Q1 2023. Gross margin was 40.7% in Q2 2023,
compared to 71.4% in Q1 2023
- Net income attributable to Daqo New Energy Corp.
shareholders was $103.7 million in Q2
2023, compared to $278.8 million in
Q1 2023
- Earnings per basic American Depositary Share
(ADS)(3) was $1.35 in Q2
2023, compared to $3.56 in Q1
2023
- Adjusted net income (non-GAAP)(2) attributable to
Daqo New Energy Corp. shareholders was $134.5 million in Q2 2023, compared to
$310.2 million in Q1 2023
- Adjusted earnings per basic ADS(3)
(non-GAAP)(2) was $1.75 in
Q2 2023, compared to $3.96 in Q1
2023
- EBITDA (non-GAAP)(2) was $230.0 million in Q2 2023, compared to
$490.2 million in Q1 2023. EBITDA
margin (non-GAAP)(2) was 36.1% in Q2 2023, compared to
69.1% in Q1 2023
|
Three months
ended
|
US$ millions
except as indicated
otherwise
|
Jun. 30,
2023
|
Mar. 31,
2023
|
Jun. 30,
2022
|
Revenues
|
636.7
|
709.8
|
1,244.1
|
Gross profit
|
258.9
|
506.7
|
946.9
|
Gross margin
|
40.7 %
|
71.4 %
|
76.1 %
|
Income from
operations
|
213.9
|
463.8
|
927.6
|
Net income attributable
to Daqo New Energy Corp.
shareholders
|
103.7
|
278.8
|
627.8
|
Earnings per basic
ADS(3) ($ per ADS)
|
1.35
|
3.56
|
8.36
|
Adjusted net income
(non-GAAP)(2) attributable to
Daqo New Energy Corp. shareholders
|
134.5
|
310.2
|
630.3
|
Adjusted earnings per
basic ADS(3) (non-GAAP)(2) ($ per
ADS)
|
1.75
|
3.96
|
8.39
|
EBITDA
(non-GAAP)(2)
|
230.0
|
490.2
|
955.4
|
EBITDA margin
(non-GAAP)(2)
|
36.1 %
|
69.1 %
|
76.8 %
|
Polysilicon sales
volume (MT)
|
51,550
|
25,284
|
37,545
|
Polysilicon average
total production cost ($/kg)(1)
|
6.92
|
7.55
|
7.26
|
Polysilicon average
cash cost (excl. dep'n) ($/kg)(1)
|
6.05
|
6.61
|
6.51
|
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 of Daqo New
Energy, commented, "Efficient operation of our polysilicon
facilities in the second quarter of 2023 resulted in a production
volume of 45,306 MT, representing an
increase of 11,458 MT as compared to
the previous quarter, as our Phase 5A 100,000 MT polysilicon
project in Inner Mongolia reached full production capacity in June.
Our production cost decreased by 8.3% from Q1 to $6.92/kg, primarily due to improvements in
manufacturing efficiency, as well as a reduction in the cost of
metallurgical-grade silicon. For the quarter, we generated
$230 million in EBITDA with strong
operating cash flow and continued to maintain a strong balance
sheet with no financial debt. At the end of the quarter, the
Company had a cash balance of $3.2
billion and a combined cash and bank note receivable balance
of $4.0 billion."
"With the addition of our new Inner Mongolia Phase 5A facility,
our total annual polysilicon nameplate capacity has expanded to
205,000 MT. For the third quarter, we expect total polysilicon
production volume to be approximately 55,000
MT to 57,000 MT, representing
an increase of 21% to 26% as compared to Q2 2023. Full year
production is expected to be approximately 193,000 MT to 198,000 MT
of polysilicon, representing an increase of 44% to 48% as compared
to 2022. In addition, based on our latest schedule, our new
semiconductor-grade polysilicon project with 1,000 MT annual capacity is expected to start pilot
production by the end of September
2023. With our fully digitalized and highly automated
production system that optimizes operational efficiency, improves
cost structure and further enhances product quality for the N-type
polysilicon product, we are confident that our Inner Mongolia
project will further enhance the Company's competitive edge."
"The polysilicon industry experienced increased challenges and
substantial price volatility during the second quarter. As several
new polysilicon facilities and new entrants finally started
production with some reaching full production in the first half of
this year, the shortage of polysilicon of the past two years came
to an end. The increased supply ultimately led to relative
oversupply and excess industry inventory. In an effort to gain
market shares with inferior-quality products, new entrants and some
established industry players engaged in aggressive pricing.
Expectations of lower future pricing in the market led to delays
and reductions of downstream customer orders, as well as aggressive
pricing requests by customers. The situation worsened significantly
in the second half of May, as inventory reduction efforts by
leading producers led to a race to the bottom that saw polysilicon
prices decline by approximately 70% at the end of the second
quarter compared to Q1 levels. In the second half of June,
polysilicon prices reached bottom and customers began ordering
aggressively at the lower prices. By mid-July, we saw an
approximately 15%-20% price recovery compared to the bottom reached
in June. Recently, we have also seen an increase in the ASP premium
for N-type polysilicon with a meaningful increase in demand volume.
We expect that this trend will further benefit us as the industry
transitions to next-generation N-type technology."
"We shipped 53,502MT of
polysilicon in Q2, meaningfully more than our production level and
a substantial increase over Q1 shipments. Polysilicon inventory at
our original Xinjiang facility decreased to less than a week's
production volume. As our facility in Inner Mongolia is newly
established, its products require customer qualification before we
can ship meaningful volumes to customers, and the qualification
process took longer than anticipated due to market volatility
during the period. At the end of the quarter, with customer orders
on hand that covered all our inventory, we had practically sold all
shippable products. The customer qualification process for the
products of our Inner Mongolia facility completed successfully in
July, and at the end of July, with brisk customer orders and
demand, we had further reduced our polysilicon inventory to a very
healthy level of approximately one week of production across our
two
facilities."
"For the second quarter we recorded approximately $19.7 million in foreign exchange loss, or
approximately $0.26 per ADS. Near the
end of April, the Company received approximately RMB4.96 billion in cash dividends from its
subsidiary Xinjiang Daqo, which was approximately $716.7 million based on the exchange rate on the
date the dividend funds were received. During the quarter, the
Company converted approximately RMB1.85
billion to US dollars to fund our share repurchase program.
As the USD/CNY exchange rate fluctuated significantly during the
months of May and June, and as required by accounting standards, we
recorded an unrealized foreign exchange loss primarily related to
our quarter-end cash balance of RMB3.1
billion held by the Company in an offshore account."
"Regarding the Company's share buyback program, at the end of
July, the Company had already repurchased 4.16 million ADSs for
approximately $188.7 million under
the current program, with average cost of approximately
$45.32 per ADS. Combined with the
program completed in 2022, in aggregate, the Company has already
repurchased 6.0 million ADSs for approximately $308.6 million."
"The continuous cost reduction in solar PV products and the
associated reduction in solar energy generation cost are expected
to create substantial additional green energy demand, which is
likely to exceed 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, such as our N-type polysilicon,
will help differentiate us from our competitors. While most of our
competitors will likely struggle in the current market environment,
Daqo New Energy has one of the best balance sheets in the industry
with no financial debt, and this will help us weather the current
market environment successfully. We are optimistic that as
the solar end market continues to grow, and as our customers
continue to expand capacity particularly for N-type solar products,
prices will improve. We will continue to maintain solid
growth and capture the long-term benefits of the growing global
solar PV market."
Outlook and guidance
The Company expects to produce approximately 55,000MT to 57,000MT
of polysilicon during the third 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.
Second Quarter 2023 Results
Revenues
Revenues were $636.7 million,
compared to $709.8 million in the
first quarter of 2023 and $1,244.1
million in the second quarter of 2022. The decrease in
revenues compared to the first quarter of 2023 was primarily due to
a decrease in ASP mitigated by an increase in sales volume.
Gross profit and margin
Gross profit was $258.9 million,
compared to $506.7 million in the
first quarter of 2023 and $946.9
million in the second quarter of 2022. Gross margin was
40.7%, compared to 71.4% in the first quarter of 2023 and 76.1% in
the second quarter of 2022. The decrease in gross margin compared
to the first quarter of 2023 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 $43.3 million, compared to $41.3 million in the first quarter of 2023 and
$14.4 million in the second quarter
of 2022. SG&A expenses during the second quarter included
$27.5 million in non-cash share-based
compensation cost related to the Company's share incentive plans,
compared to $28.0 million in the
first quarter of 2023.
Research and development expenses
Research and development (R&D) expenses were $2.2 million, compared to $1.9 million in the first quarter of 2023 and
$2.7 million in the second quarter of
2022. Research and development expenses can vary from period to
period and reflect R&D activities that take place during the
quarter.
Foreign exchange loss
Foreign exchange loss was $19.7
million, compared to nil in the first quarter of 2023 and
the second quarter of 2022. The significant volatility and
fluctuation in the USD/CNY exchange rate during this quarter
resulted in an unrealized foreign exchange loss primarily related
to our quarter-end cash balance of RMB3.1
billion held by the Company in an offshore account.
Income from operations and operating margin
As a result of the abovementioned, income from operations was
$213.9 million, compared to
$463.8 million in the first quarter
of 2023 and $927.6 million in the
second quarter of 2022.
Operating margin was 33.6%, compared to 65.3% in the first
quarter of 2023 and 74.6% in the second quarter of 2022.
Net income attributable to Daqo New Energy Corp.
shareholders and earnings per ADS
As a result of the abovementioned, net income attributable to
Daqo New Energy Corp. shareholders was $103.7 million, compared to $278.8 million in the first quarter of 2023 and
$627.8 million in the second quarter
of 2022.
Earnings per basic American Depository Share (ADS) was
$1.35, compared to $3.56 in the first quarter of 2023, and
$8.36 in the second 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 $134.5 million, compared to $310.2 million in the first quarter of 2023 and
$630.3 million in the second quarter
of 2022.
Adjusted earnings per basic American Depository Share (ADS) was
$1.75 compared to $3.96 in the first quarter of 2023, and
$8.39 in the second quarter of
2022.
EBITDA(non-GAAP)
EBITDA (non-GAAP) was $230.0
million, compared to $490.2
million in the first quarter of 2023 and $955.4 million in the second quarter of 2022.
EBITDA margin (non-GAAP) was 36.1%, compared to 69.1% in the first
quarter of 2023 and 76.8% in the second quarter of 2022.
Financial Condition
As of June 30, 2023, the Company
had $3,169.7 million in cash, cash
equivalents and restricted cash, compared to $4,130.5 million as of March 31, 2023 and $3,284.3 million as of June 30, 2022. As of June
30, 2023, the notes receivables balance was $798.5 million, compared to $791.3 million as of March
31, 2023 and $1,269.3 million
as of June 30, 2022. Notes
receivables represent bank notes with maturity within six
months.
Cash Flows
For the six months ended June 30,
2023, net cash provided by operating activities was
$786.3 million, compared to
$1,128.8 million in the same period
of 2022.
For the six months ended June 30,
2023, net cash used in investing activities was $495.7 million, compared to net cash used in
investing activities of $80.3 million
in the same period of 2022. The net cash used in investing
activities in the first half of 2023 was primarily related to the
capital expenditures on the Company's polysilicon project in Baotou
City, Inner Mongolia.
For the six months ended June 30,
2023, net cash used in financing activities was $477.5 million, compared to net cash provided by
financing activities of $1,579.3
million in the same period of 2022. The net cash used in
financing activities in the first half of 2023 was primarily
related to $173.8 million in stock
repurchases and $303.6 million in
dividend payment made by the Company's Xinjiang Daqo subsidiary to
its minority shareholders.
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 U.S. Eastern Time on August 3, 2023 (8:00 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
Please dial in 10 minutes before the call is scheduled to begin
and ask to join 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=z300CxHq
A replay of the call will be available 1 hour after the
conclusion of the conference call through August 10, 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: 4139151
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 third 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;
and changes in political and regulatory environment. 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,
2023
|
|
Mar 31,
2023
|
|
Jun 30,
2022
|
|
Jun 30,
2023
|
|
Jun 30,
2022
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$636,724
|
|
$709,834
|
|
$1,244,086
|
|
$
1,346,558
|
|
$
2,524,409
|
Cost of
revenues
|
|
(377,816)
|
|
(203,102)
|
|
(297,220)
|
|
(580,918)
|
|
(763,987)
|
Gross profit
|
|
258,908
|
|
506,732
|
|
946,866
|
|
765,640
|
|
1,760,422
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
(43,257)
|
|
(41,284)
|
|
(14,430)
|
|
(84,541)
|
|
(29,913)
|
Research and
development expenses
|
|
(2,169)
|
|
(1,938)
|
|
(2,711)
|
|
(4,108)
|
|
(4,790)
|
Other operating
income/(expense)
|
|
385
|
|
292
|
|
(2,143)
|
|
677
|
|
(1,205)
|
Total operating
expenses
|
|
(45,041)
|
|
(42,930)
|
|
(19,284)
|
|
(87,972)
|
|
(35,908)
|
Income from
operations
|
|
213,867
|
|
463,802
|
|
927,582
|
|
677,668
|
|
1,724,514
|
Interest
income/(expense), net
|
|
12,751
|
|
11,947
|
|
(3,677)
|
|
24,698
|
|
(5,146)
|
Foreign exchange
loss
|
|
(19,714)
|
|
-
|
|
-
|
|
(19,714)
|
|
-
|
Investment
income
|
|
8
|
|
13
|
|
34
|
|
21
|
|
1,529
|
Income before income
taxes
|
|
206,912
|
|
475,762
|
|
923,939
|
|
682,673
|
|
1,720,897
|
Income tax
expense
|
|
(44,730)
|
|
(81,067)
|
|
(143,460)
|
|
(125,797)
|
|
(273,368)
|
Net income
|
|
162,182
|
|
394,695
|
|
780,479
|
|
556,876
|
|
1,447,529
|
Net income attributable
to non-controlling
interest
|
|
58,459
|
|
115,891
|
|
152,662
|
|
174,350
|
|
283,871
|
Net income attributable
to Daqo New
Energy Corp. shareholders
|
|
$103,723
|
|
$278,804
|
|
$627,817
|
|
$382,526
|
|
$1,163,658
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
ADS
|
|
1.35
|
|
3.56
|
|
8.36
|
|
4.93
|
|
15.53
|
Basic
|
|
|
|
|
|
Diluted
|
|
1.34
|
|
3.52
|
|
8.18
|
|
4.89
|
|
15.17
|
Weighted average ADS
outstanding
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
76,762,451
|
|
78,298,405
|
|
75,119,100
|
|
77,526,150
|
74,915,182
|
Diluted
|
|
77,031,850
|
|
78,839,166
|
|
76,756,442
|
|
77,931,229
|
76,719,978
|
Daqo New Energy
Corp.
|
Unaudited Condensed
Consolidated Balance Sheets
|
(US dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
Jun. 30,
2023
|
|
Mar. 31,
2023
|
|
Jun. 30,
2022
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
Cash, cash equivalents
and restricted cash
|
|
3,169,724
|
|
4,130,549
|
|
3,284,251
|
Short-term
investments
|
|
2,757
|
|
5,823
|
|
11,392
|
Notes
receivable
|
|
798,463
|
|
791,346
|
|
1,269,314
|
Inventories
|
|
159,494
|
|
191,708
|
|
52,264
|
Other current
assets
|
|
137,288
|
|
70,223
|
|
39,533
|
Total current
assets
|
|
4,267,726
|
|
5,189,649
|
|
4,656,754
|
Property, plant and
equipment, net
|
|
2,920,163
|
|
2,884,700
|
|
1,763,632
|
Prepaid land use
right
|
|
94,606
|
|
80,221
|
|
38,196
|
Other non-current
assets
|
|
42,532
|
|
35,672
|
|
25,549
|
TOTAL ASSETS
|
|
7,325,027
|
|
8,190,242
|
|
6,484,131
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Short-term
borrowings
|
|
-
|
|
140,000
|
|
-
|
Accounts payable and
notes payable
|
|
104,617
|
|
97,402
|
|
115,337
|
Advances from
customers-short term portion
|
|
199,396
|
|
184,936
|
|
375,410
|
Payables for purchases
of property, plant and
equipment
|
|
256,278
|
|
266,164
|
|
94,113
|
Other current
liabilities
|
|
152,956
|
|
252,400
|
|
250,805
|
Total current
liabilities
|
|
713,247
|
|
940,902
|
|
835,665
|
Advance from customers
– long term portion
|
|
128,842
|
|
160,267
|
|
95,647
|
Other non-current
liabilities
|
|
31,722
|
|
105,792
|
|
42,850
|
TOTAL
LIABILITIES
|
|
873,811
|
|
1,206,961
|
|
974,162
|
EQUITY:
|
|
|
|
|
|
|
Total Daqo New Energy
Corp.'s shareholders' equity
|
|
4,866,541
|
|
5,063,463
|
|
4,050,213
|
Non-controlling
interest
|
|
1,584,675
|
|
1,919,818
|
|
1,459,756
|
Total equity
|
|
6,451,216
|
|
6,983,281
|
|
5,509,969
|
TOTAL LIABILITIES &
EQUITY
|
|
7,325,027
|
|
8,190,242
|
|
6,484,131
|
Daqo New Energy
Corp.
|
Unaudited Condensed
Consolidated Statements of Cash Flows
|
(US dollars in
thousands)
|
|
|
|
For the six months
ended June 30,
|
|
|
2023
|
|
2022
|
|
Operating
Activities:
|
|
|
|
|
|
Net income
|
|
$ 556,876
|
|
$1,447,529
|
|
Adjustments to
reconcile net income to net cash provided by
operating activities
|
|
139,052
|
|
67,106
|
|
Changes in operating
assets and liabilities
|
|
90,373
|
|
(385,807)
|
|
Net cash provided by
operating activities
|
|
786,301
|
|
1,128,828
|
|
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
|
Net cash used in
investing activities
|
|
(495,702)
|
|
(80,337)
|
|
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
|
Net cash (used
in)/provided by financing activities
|
|
(477,477)
|
|
1,579,279
|
|
|
|
|
|
|
|
Effect of exchange rate
changes
|
|
(163,749)
|
|
(67,485)
|
|
Net (decrease)/increase
in cash, cash equivalents and restricted cash
|
|
(350,627)
|
|
2,560,285
|
|
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
|
|
3,169,724
|
|
3,284,251
|
|
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,
2023
|
|
Mar 31,
2023
|
|
Jun 30,
2022
|
|
Jun 30,
2023
|
|
Jun 30,
2022
|
Net
income
|
162,182
|
394,695
|
780,479
|
556,876
|
1,447,529
|
Income tax
expense
|
|
44,730
|
|
81,067
|
|
143,460
|
|
125,797
|
|
273,368
|
Interest (income)
expense, net
|
|
(12,751)
|
|
(11,947)
|
|
3,677
|
|
(24,698)
|
|
5,146
|
Depreciation &
Amortization
|
|
35,835
|
|
26,399
|
|
27,765
|
|
62,234
|
|
56,124
|
EBITDA (non-GAAP)
|
|
229,996
|
|
490,214
|
|
955,381
|
|
720,209
|
|
1,782,167
|
EBITDA margin
(non-GAAP)
|
|
36.1 %
|
|
69.1 %
|
|
76.8 %
|
|
53.5 %
|
|
70.6 %
|
|
Three months
ended
|
Six months ended
|
|
|
Jun 30,
2023
|
|
Mar 31,
2023
|
|
Jun 30,
2022
|
|
Jun 30,
2023
|
|
Jun 30,
2022
|
|
Net income
attributable to Daqo New
Energy Corp. shareholders
|
|
103,723
|
|
278,804
|
627,817
|
382,526
|
1,163,658
|
|
Share-based
compensation
|
|
30,824
|
|
31,401
|
|
2,512
|
|
62,225
|
|
4,869
|
|
Adjusted net income
(non-GAAP)
attributable to Daqo New Energy
Corp. shareholders
|
134,547
|
310,205
|
630,329
|
444,751
|
1,168,527
|
|
Adjusted earnings
per basic ADS (non-GAAP)
|
|
$1.75
|
|
$3.96
|
|
$8.39
|
|
$5.74
|
|
$15.60
|
|
Adjusted earnings
per diluted ADS (non-GAAP)
|
|
$1.75
|
|
$3.93
|
|
$8.21
|
|
$5.71
|
|
$15.23
|
|
View original
content:https://www.prnewswire.com/news-releases/daqo-new-energy-announces-unaudited-second-quarter-2023-results-301892490.html
SOURCE Daqo New Energy Corp.