ON Semiconductor Reports Third Quarter 2015 Results

ON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
(in millions, except per share data)

       
Quarter Ended Nine Months Ended

October 2,
2015

 

July 3,
2015

 

September 26,
2014 (1)

October 2,
2015

 

September 26,
2014 (1)

Revenues $ 904.2 $ 880.5 $ 833.5 $ 2,655.5 $ 2,297.6
Cost of revenues (exclusive of amortization shown below) 595.7   576.1   552.6   1,742.2   1,490.4  
Gross profit 308.5 304.4 280.9 913.3 807.2
Gross margin 34.1 % 34.6 % 33.7 % 34.4 % 35.1 %
Operating expenses:
Research and development 104.9 100.4 93.4 305.7 255.7
Selling and marketing 52.3 50.4 51.1 156.0 143.4
General and administrative 44.9 45.0 48.5 136.6 134.2
Amortization of acquisition-related intangible assets 33.6 33.6 21.0 101.1 39.6
Restructuring, asset impairments and other, net 3.3 3.5 10.1 4.5 20.0
Goodwill and intangible asset impairment 0.1   3.7     3.8    
Total operating expenses 239.1   236.6   224.1   707.7   592.9  
Operating income 69.4   67.8   56.8   205.6   214.3  
Other income (expense), net:
Interest expense (14.9 ) (10.7 ) (8.6 ) (34.8 ) (24.6 )
Interest income 0.2 0.3 0.2 0.8 0.6
Other 2.1 2.1 (1.2 ) 7.9 (2.1 )
Loss on debt extinguishment   (0.4 )   (0.4 )  
Other (expense) income, net (12.6 ) (8.7 ) (9.6 ) (26.5 ) (26.1 )
Income before income taxes 56.8 59.1 47.2 179.1 188.2
Income tax (provision) benefit (10.0 ) (7.7 ) (6.3 ) (25.1 ) 3.7  
Net income 46.8 51.4 40.9 154.0 191.9
Less: Net income attributable to non-controlling interest (0.5 ) (0.7 ) (0.4 ) (1.9 ) (1.6 )
Net income attributable to ON Semiconductor Corporation $ 46.3   $ 50.7   $ 40.5   $ 152.1   $ 190.3  
Net income per common share attributable to ON Semiconductor Corporation:
Basic $ 0.11   $ 0.12   $ 0.09   $ 0.36   $ 0.43  
Diluted $ 0.11   $ 0.12   $ 0.09   $ 0.35   $ 0.43  
Weighted average common shares outstanding:
Basic 413.7   426.9   440.7   424.0   440.7  
Diluted 417.5   436.3   444.9   431.3   444.6  
(1)   Amounts have been revised; for additional information about the revisions to prior periods, see our 2014 Form 10-K and our third quarter 2015 Form 10-Q to be filed on or around October 30, 2015.
 

ON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEET
(in millions)

           

October 2,
2015

July 3,
2015

December 31,
2014 (1)

Assets
Cash and cash equivalents $ 556.8 $ 576.6 $ 511.7
Short-term investments 0.8 1.3 6.1
Receivables, net 505.9 489.9 417.5
Inventories 754.0 743.0 729.9
Other current assets 135.2   121.3   140.6  
Total current assets 1,952.7 1,932.1 1,805.8
Property, plant and equipment, net 1,256.1 1,225.5 1,203.9
Goodwill 271.3 263.8 263.8
Intangible assets, net 360.1 387.3 458.5
Other assets 109.9   106.7   91.0  
Total assets $ 3,950.1   $ 3,915.4   $ 3,823.0  
Liabilities, Non-Controlling Interest and Stockholders’ Equity
Accounts payable $ 361.9 $ 335.5 $ 378.2
Accrued expenses 306.4 273.8 287.9
Deferred income on sales to distributors 130.4 155.1 165.1
Current portion of long-term debt 539.3   555.9   209.6  
Total current liabilities 1,338.0 1,320.3 1,040.8
Long-term debt 868.4 822.3 983.0
Other long-term liabilities 162.6   153.1   151.8  
Total liabilities 2,369.0   2,295.7   2,175.6  
ON Semiconductor Corporation stockholders’ equity:
Common stock 5.3 5.3 5.2
Additional paid-in capital 3,404.0 3,387.8 3,281.2
Accumulated other comprehensive loss (44.1 ) (43.6 ) (41.5 )
Accumulated deficit (763.5 ) (809.8 ) (915.6 )
Less: Treasury stock, at cost (1,043.4 ) (942.3 ) (702.8 )
Total ON Semiconductor Corporation stockholders’ equity 1,558.3 1,597.4 1,626.5
Non-controlling interest in consolidated subsidiary 22.8   22.3   20.9  
Total stockholders' equity 1,581.1   1,619.7   1,647.4  
Total liabilities and equity $ 3,950.1   $ 3,915.4   $ 3,823.0  
(1)     The Company has retrospectively adjusted certain amounts shown above for the period ended December 31, 2014 related to adjustments to the purchase price allocation of our recent acquisitions.
 

ON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
UNAUDITED RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA* AND
NET CASH PROVIDED BY OPERATING ACTIVITIES
(in millions)

       
Quarter Ended Nine Months Ended

October 2,
2015

 

July 3,
2015

 

September 26,
2014 (1)

October 2,
2015

 

September 26,
2014 (1)

Net income $ 46.8 $ 51.4 $ 40.9 $ 154.0   $ 191.9
Adjusted for:
Restructuring, asset impairments and other, net 3.3 3.5 10.1 4.5 20.0
Goodwill and intangible asset impairment 0.1 3.7 3.8
Interest expense 14.9 10.7 8.6 34.8 24.6
Interest income (0.2 ) (0.3 ) (0.2 ) (0.8 ) (0.6 )
Loss on debt extinguishment 0.4 0.4
Gain on sale of available-for-sale securities (0.7 ) (1.3 ) (5.4 )
Income tax provision (benefit) 10.0 7.7 6.3 25.1 (3.7 )
Net income attributable to non-controlling interest (0.5 ) (0.7 ) (0.4 ) (1.9 ) (1.6 )
Depreciation and amortization 89.2 88.4 72.1 267.8 182.4
Expensing of appraised inventory at fair market value 12.9 14.2
Third party acquisition related costs 0.2     4.0   0.2   8.0  
Adjusted EBITDA* 163.1 163.5 154.3 482.5 435.2
Increase (decrease):
Restructuring, asset impairments and other, net (3.3 ) (3.5 ) (10.1 ) (4.5 ) (20.0 )
Interest expense (14.9 ) (10.7 ) (8.6 ) (34.8 ) (24.6 )
Interest income 0.2 0.3 0.2 0.8 0.6
Gain on sale of available-for-sale securities 0.7 1.3 5.4
Income tax provision (10.0 ) (7.7 ) (6.3 ) (25.1 ) 3.7
Net income attributable to non-controlling interest 0.5 0.7 0.4 1.9 1.6
Expensing of appraised inventory at fair market value (12.9 ) (14.2 )
Third party acquisition related costs (0.2 ) (4.0 ) (0.2 ) (8.0 )
Loss (gain) on sale or disposal of fixed assets 0.4 (0.5 ) (0.3 ) (4.1 ) (0.6 )
Amortization of debt issuance costs 1.0 0.6 0.3 1.9 1.0
Write-down of excess inventories 10.2 10.5 9.6 38.4 21.1
Non-cash asset impairment charges 0.2 0.2 1.8
Non-cash share-based compensation expense 10.9 14.1 11.1 36.3 33.0
Non-cash interest 6.4 3.0 1.8 11.2 5.1
Change in deferred taxes 0.5 2.9 0.1 (16.7 )
Other (0.4 ) (2.1 ) 0.7 (5.5 ) 0.6
Changes in operating assets and liabilities (36.8 ) (68.1 ) (46.8 ) (191.1 ) (100.8 )
Net cash provided by operating activities $ 128.3   $ 101.6   $ 92.3   $ 313.4   $ 318.8  
(1)     Amounts have been revised; for additional information about the revisions to prior periods, see our 2014 Form 10-K and our third quarter 2015 Form 10-Q to be filed on or around October 30, 2015.

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