ON Semiconductor Reports First Quarter 2015 Results

(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.

(2)Amounts have been revised; for additional information about the revisions to prior periods, see our 2014 Form 10-K and our first quarter 2015 Form 10-Q to be filed on or around May 4, 2015.

 

ON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

UNAUDITED RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA* AND

NET CASH PROVIDED BY OPERATING ACTIVITIES

(in millions)

 
      Quarter Ended
April 3, 2015   December 31, 2014   March 28, 2014(1)
Net income $ 55.8 $ 0.2 $ 55.9
Adjusted for:
Restructuring, asset impairments and other, net (2.3 ) 10.5 5.8
Goodwill and intangible asset impairment 9.6
Interest expense 9.2 9.5 8.1
Interest income (0.3 ) (0.9 ) (0.2 )
Gain on sale of available-for-sale securities (3.4 )
Income tax provision 7.4 3.5 6.2
Net income attributable to non-controlling interest (0.7 ) (0.8 ) (0.2 )
Depreciation and amortization 90.2 86.4 52.4
Actuarial losses on pension plans and other pension benefits 12.3
Expensing of appraised inventory at fair market value 12.8
Third party acquisition related costs   0.1   0.3  
Adjusted EBITDA* 155.9 143.2 128.3
Increase (decrease):
Restructuring, asset impairments and other, net 2.3 (10.5 ) (5.8 )
Interest expense (9.2 ) (9.5 ) (8.1 )
Interest income 0.3 0.9 0.2
Gain on sale of available-for-sale securities 3.4
Income tax provision (7.4 ) (3.5 ) (6.2 )
Net income attributable to non-controlling interest 0.7 0.8 0.2
Actuarial losses on pension plans and other pension benefits (12.3 )
Expensing of appraised inventory at fair market value (12.8 )
Third party acquisition related costs (0.1 ) (0.3 )
Gain on sale or disposal of fixed assets (4.0 ) (0.8 ) (0.3 )
Amortization of debt issuance costs 0.3 0.4 0.3
Write-down of excess inventories 17.7 19.5 6.8
Non-cash asset impairment charges 4.7
Non-cash share-based compensation expense 11.3 12.8 8.5
Non-cash interest 1.8 1.9 1.6
Change in deferred taxes (0.4 ) (3.9 ) 1.9
Other (3.0 ) 3.0
Changes in operating assets and liabilities (86.2 ) 28.7   (52.2 )
Net cash provided by operating activities $ 83.5   $ 162.5   $ 74.9  
 

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