| Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|
Operating activities: | ||||||||
Net income | ||||||||
93,855 | 43,923 | 13,047 | 16,649 | -221,090 | -115,637 | 34,914 | 69,147 | 29,936 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Long-lived assets impairment | ||||||||
2,987 | 198 | 1,622 | 0 | 158,424 | 42,754 | 38,512 | 0 | - |
Share-based compensation | ||||||||
4,200 | 2,702 | 3,687 | 1,792 | 1,881 | 2,249 | 2,206 | 1,614 | 258 |
Inventory write-down | ||||||||
0 | 0 | 62 | 175 | 29,905 | 14,821 | 14,252 | 0 | - |
Reversal of allowance for doubtful accounts | ||||||||
2 | 1,053 | 2,026 | - | - | - | - | - | - |
Provision of allowance for doubtful accounts | ||||||||
- | - | - | -3,823 | 5,482 | - | - | - | - |
Allowance for doubtful accounts | ||||||||
- | - | - | - | - | 359 | 1,202 | 0 | - |
Depreciation of property, plant and equipment | ||||||||
38,824 | 33,822 | 31,361 | 28,007 | 52,250 | 37,371 | 35,479 | 30,751 | 16,088 |
Gain on disposition of Nanjing Daqo | ||||||||
- | - | - | - | - | 1,099 | 0 | 0 | - |
Loss on disposal of Property Plant and Equipment | ||||||||
-154 | -181 | -166 | -314 | 0 | 0 | - | - | - |
Deferred tax assets | ||||||||
-85 | 0 | -626 | 0 | 1,415 | - | - | - | - |
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | ||||||||
-2,112 | -14,890 | 10,399 | -4,775 | -12,431 | 10,295 | 5,985 | -3,325 | 14,269 |
Notes receivable | ||||||||
12,884 | 2,634 | -36,898 | 34,702 | 11,496 | 2,633 | 1,868 | 1,794 | - |
Prepaid expenses and other current assets | ||||||||
-898 | -3,415 | -30 | -10,217 | -29 | 15,042 | 5,723 | 8 | 3,397 |
Advances to suppliers | ||||||||
786 | 761 | -264 | 513 | 122 | -2,098 | -2,279 | 671 | 2,902 |
Inventories | ||||||||
6,252 | 2,258 | 1,622 | -484 | 25,270 | 6,745 | 26,579 | 6,522 | -91 |
Amount due from related parties | ||||||||
6,739 | 1,318 | -5,481 | -2,193 | 6,853 | -8,418 | 7,390 | 0 | - |
Prepaid land use rights | ||||||||
-572 | -557 | -595 | -623 | -264 | 841 | 26,718 | 7,062 | 791 |
Other non-current assets | ||||||||
0 | 0 | -161 | -229 | -4,513 | -4,645 | 7,197 | 159 | - |
Accounts payable | ||||||||
2,304 | 2,386 | 1,452 | -475 | 5,349 | 3,249 | 5,716 | 808 | 333 |
Notes payable | ||||||||
786 | -1,403 | -14,733 | 31,992 | -19,760 | 16,776 | 4,557 | 0 | - |
Accrued expenses and other current liabilities | ||||||||
6,983 | 260 | 59 | 1,677 | 468 | -150 | -10,947 | 9,579 | 1,160 |
Accrued warranty cost | ||||||||
- | - | - | - | - | - | 297 | 139 | - |
Income tax payable | ||||||||
7,253 | 4,420 | 940 | 0 | -160 | -8,052 | 1,431 | 12,699 | -999 |
Advances from customers | ||||||||
8,342 | -134 | -2,051 | -13,813 | -4,254 | -8,794 | -8,967 | 13,996 | -27,658 |
Amount due to related parties | ||||||||
849 | 1,815 | 2,178 | -453 | -415 | 14,047 | 1,993 | 0 | - |
Deferred government subsidies | ||||||||
-671 | -338 | -124 | 266 | 482 | 618 | 25,127 | 0 | - |
Net cash provided by operating activities | ||||||||
142,704 | 98,671 | 66,426 | - | - | - | - | 125,623 | -2,729 |
Deferred tax assets | ||||||||
- | - | - | - | - | -11,572 | 21,732 | 219 | 578 |
Net cash provided by operating activities | ||||||||
- | - | - | 45,619 | -16,525 | -10,307 | 44,857 | - | - |
Investing activities: | ||||||||
Purchases of property, plant and equipment | ||||||||
67,836 | 67,477 | 81,364 | 77,028 | 32,504 | 105,659 | 252,704 | 57,660 | 121,289 |
Decrease in restricted cash | ||||||||
-4,791 | -1,935 | -2,121 | 13,560 | -1,823 | -80 | 11,536 | -8,745 | -11,620 |
Interest free loan to related parties | ||||||||
- | - | - | - | - | - | 9,898 | - | - |
Prepayment to related party for purchase of equipment | ||||||||
- | - | - | - | - | - | - | 903 | - |
Interest free loan to related parities | ||||||||
- | - | - | - | - | - | - | 0 | - |
Proceeds from disposition of Nanjing Daqo | ||||||||
0 | 0 | 5,110 | 0 | 0 | 2,656 | 0 | 0 | - |
Purchase of cost method investment | ||||||||
63 | 581 | 0 | 0 | - | - | - | - | - |
Net cash used in investing activities | ||||||||
-63,109 | -66,123 | -74,132 | - | - | - | - | -49,818 | -109,669 |
Decrease in cash on deconsolidation of Daqo New Material | ||||||||
- | - | - | - | 15 | 0 | 0 | 0 | - |
Net cash used in investing activities | ||||||||
- | - | - | -90,589 | -30,696 | -102,922 | -274,138 | - | - |
Financing activities: | ||||||||
Proceeds from related parties loans | ||||||||
63,172 | 126,400 | 245,957 | 275,134 | 157,271 | 1,645 | 75,294 | 0 | - |
Repayment of related parties loans | ||||||||
83,754 | 148,463 | 276,575 | 275,088 | 69,386 | 0 | 75,294 | 0 | - |
Proceeds from bank borrowings | ||||||||
91,989 | 106,986 | 237,031 | 176,114 | 74,551 | 129,572 | 186,558 | 10,602 | 98,237 |
Proceeds from other borrowings | ||||||||
- | - | - | - | - | - | 0 | 3,775 | 6,230 |
Repayment of bank borrowings | ||||||||
111,000 | 116,255 | 220,611 | 186,549 | 113,745 | 103,573 | 71,079 | 40,271 | 10,394 |
Repayment of other borrowings | ||||||||
- | - | - | - | - | - | 2,697 | 8,265 | - |
Purchase and retirement of treasury shares | ||||||||
0 | 0 | 1,350 | 0 | 0 | 500 | 0 | 0 | - |
Proceeds from options exercised | ||||||||
2,238 | 1,051 | 275 | 37 | 135 | 0 | 0 | - | - |
Advance from related party | ||||||||
- | - | - | - | - | - | - | 178 | 41,519 |
Cash proceeds from issuance of Series A convertible redeemable preferred shares | ||||||||
- | - | - | - | - | - | - | - | 55,000 |
Proceeds from follow-on equity offering | ||||||||
0 | 0 | 30,030 | 58,000 | 0 | 0 | - | 81,282 | - |
Insurance costs for follow-on equity offering | ||||||||
0 | 0 | 2,033 | 3,375 | 0 | 0 | - | 1,744 | - |
Capital injection from non-controlling shareholders | ||||||||
0 | 0 | 2,516 | 0 | - | - | - | - | - |
Net cash provided by (used in) financing activities | ||||||||
- | - | - | 44,271 | 48,826 | 27,143 | 112,781 | - | - |
Capital contribution from ordinary shareholders | ||||||||
- | - | - | - | - | - | - | - | 10 |
Net cash provided by (used in) financing activities | ||||||||
-37,354 | -30,279 | 15,242 | - | - | - | - | 45,556 | 190,502 |
Effect of exchange rate changes on cash and cash equivalents | ||||||||
2,448 | -771 | -114 | -65 | -452 | 67 | 5,560 | 860 | 7 |
Net increase in cash and cash equivalents | ||||||||
44,689 | 1,497 | 7,421 | -762 | 1,152 | -86,018 | -110,938 | 122,221 | 78,110 |
Supplemental disclosure of cash flow information: | ||||||||
Interest paid, net of capitalized interest | ||||||||
18,031 | 14,215 | 13,284 | - | - | - | - | - | - |
Interest paid, net of capitalized interest | ||||||||
- | - | - | 17,771 | 19,657 | 15,555 | 10,991 | 5,240 | 3,731 |
Income taxes paid | ||||||||
9,526 | 2,998 | 2,726 | 0 | 0 | 8,052 | 18,861 | 625 | 1,818 |
Total consideration | ||||||||
- | - | - | - | - | - | - | 0 | - |
Less: amount due from Daqo Group | ||||||||
- | - | - | - | - | - | - | 0 | - |
Total cash consideration received | ||||||||
- | - | - | - | - | - | - | 0 | - |
Less: cash and cash equivalents disposed | ||||||||
- | - | - | - | - | 0 | 0 | 0 | - |
Net cash inflow on the disposition | ||||||||
0 | 0 | 5,110 | - | - | 2,656 | 0 | 0 | - |
Supplemental schedule of non-cash investing activities: | ||||||||
Accrued purchases of property, plant and equipment | ||||||||
27,251 | 65,625 | 52,786 | 85,640 | 51,766 | 46,594 | 41,302 | - | - |
Purchases of property, plant and equipment included in amounts due to related parties | ||||||||
- | - | - | 5,651 | 940 | 5,678 | 822 | - | - |
Balance netting-off agreements with different subsidiaries of Daqo Group | ||||||||
- | - | - | - | - | - | 11,729 | 0 | - |
Daqo New Material's conversion of amount due to investor to owner's equity | ||||||||
- | - | - | - | - | - | - | - | 79,884 |
Conversion of Series A convertible redeemable preferred shares into ordinary shares | ||||||||
- | - | - | - | - | - | - | 58,902 | - |