JinkoSolar Holding Co., Ltd (NASDAQ:JKS) Q2 2019 Earnings Conference Call - Final Transcript
Aug 30, 2019 • 08:00 am ET
percentage is relatively higher given our high shipping costs -- relatively higher shipping costs from oversea markets. We benefited from RMB depreciating against the US dollar in the second quarter. Net foreign exchange gain was $7 million compared to our net foreign exchange loss of $9 million in Q1. EBITDA was $66 million compared to $49 million in Q1. Non-GAAP net income was $29.6 million. This translates into non-GAAP diluted earnings per ADS of $0.72 -- $0.71.
Moving to the balance sheet. At the end of Q2, we increased our balance of cash, cash equivalents to $543 million compared to $486 million at the end of Q1. The restricted cash balance was $158 million at the end of Q2, compared to $164 million at the end of Q1. We continue to improve our operating efficiency, accounts receivable was $809 million, down from $872 million at the end of Q1.
AR turnover days improved to 76 days in Q2, compared to 94 days in Q1. Inventory balance was flat at $966 million quarter-over-quarter. Inventory turnover days reduced to 104 days in the second quarter compared to 120 days in Q1. Total debt was $1.9 billion to $1.8 billion at the end of Q1, in which $310 million was related to international solar project. Net debt was $1.2 billion compared to $1.1 billion at the end of Q1. The increase was due to the issuance of convertible senior notes in the second quarter.
This concludes our prepared remarks. We are now happy to take your questions. Operator? Operator, we would like to take questions.