Daqo New Energy Corp · NYSE:DQ
Daqo New Energy — Q1 2022 Earnings Presentation
15 slides from Daqo New Energy's earnings presentation, Apr 21, 2022
Slide 1: Q1 2022 Financial Results Presentation
April 21, 2022 Q1 2022 Financial Results Presentation
Slide 2: Safe Harbor Statement
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,” “antici
Slide 3: A leading manufacturer of high-purity polysilicon for the global solar PV industry
“A leading manufacturer of high-purity polysilicon for the global solar PV industry” 2
Slide 4: Management remarks I
Management remarks I Mr. Longgen Zhang, CEO of Daqo New Energy, commented, “We are very pleased to report exceptional results for the first quarter of 2022, the best-ever in the company’s history. I would like to thank our entire team for their hard work and dedication in delivering such excellent o
Slide 5: We continue to see very strong demand for solar PV products
“We continue to see very strong demand for solar PV products both in China and overseas. In the first two months of 2022, new installations of solar PV in China were approximately 10.9 GW. According to the China Photovoltaic Industry Association, new PV installations in China are expected to increas
Slide 6: Operational and financial highlights in Q1 2022
Operational and financial highlights in Q1 2022 • Polysilicon production volume was 31,383 MT in Q1 2022, compared to 23,616 MT in Q4 2021 • Polysilicon sales volume was 38,839 MT in Q1 2022, compared to 11,642 MT in Q4 2021 • Polysilicon average total production cost(1) was $10.09/kg in Q1 2022, co
Slide 7: Polysilicon facilities update
Polysilicon facilities update Q1 2022 key facts Outlook ▪ Quarterly production volume: 31,383 MT ▪ Expected production volume in Q2 2022: ▪ External sales volume: 38,839 MT 32,000 ~ 34,000 MT ▪ Average total production cost : $10.09/kg ▪ Expected production volume in the full year of 2022: ▪ Average
Slide 8: Polysilicon manufacturing overview
Polysilicon manufacturing overview Production Volume (MT) 31,383 23,616 21,684 19,777 21,008 20,185 21,102 18,406 18,097 16,204 8,764 9,437 7,301 7,150 4,927 4,993 4,940 5,339 5,657 5,659 4,734 3,405 3,570 3,636 2,456 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2016 20
Slide 9: Quarterly polysilicon sales volume and ASPs
Quarterly polysilicon sales volume and ASPs Polysilicon external sales volume and ASPs Polysilicon external sales volume (MT) ASP ($/kg) 30,000 $33.91 $32.76 25,000 $27.55 38,839 20,000 $20.81 $19.09 23,186 21,183 $17.68 21,471 $16.66 15,000 $16.19 $16.22 19,101 21,060 18,881 $13.58 13,291 13,643 $1
Slide 10: Income statement summary
Income statement summary Q1 2022 Q4 2021 Q1 2021 ($ in millions, unless otherwise stated) Revenues 1,280.3 395.5 256.1 Gross profit 813.6 239.8 118.9 Gross margin 63.5% 60.0% 46.4% SG&A (15.5) (10.2) (9.0) R&D expense (2.1) (1.3) (1.2) Income from operations 796.9 228.1 109.2 Net income attributable
Slide 11: Balance sheet summary
Balance sheet summary As of As of As of ($ in millions) 3/31/2022 12/31/2021 3/31/2021 Cash, cash equivalent and restricted cash 1,127.7 724.0 227.8 Note receivables 1,499.4 365.9 38.5 Short-term investments 10.4 280.3 7.6 Inventories 100.3 327.8 34.1 Prepaid land use rights 40.6 40.7 30.5 Property,
Slide 12: Cash flow summary
Cash flow summary 3 months ended 3 months ended ($ in millions) 3/31/ 2022 3/31/ 2021 Net income 667.1 87,2 Adjustments to reconcile net income to net cash provided by operating 31.8 22.0 activities Changes in operating assets and liabilities (467.5) (50.0) Net cash provided by operating activities
Slide 13: Non-GAAP reconciliation
Non-GAAP reconciliation US$ in millions Q1 2022 Q4 2021 Q1 2021 Net income 667.1 179.0 87.2 Income tax expenses 129.9 50.4 14.5 Interest expense, net 1.5 2.0 7.5 Depreciation & amortization 28.4 19.7 18.9 EBITDA (1) 826.8 251.1 128.1 EBITDA margin (1) 64.6% 63.5% 50.0% Note: (1) A non-GAAP measure w
Slide 14: Use of Non-GAAP financial measures
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 di
Slide 15: Thank you
@ DAQO NEW ENERGY Ht Ht | Thank you