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ON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES |
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UNAUDITED RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA* AND |
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NET CASH PROVIDED BY OPERATING ACTIVITIES |
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(in millions) |
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| Quarter Ended | Six Months Ended | ||||||||||||||||||
| July 3, 2015 | April 3, 2015 |
July 27, 2014 (1) |
July 3, 2015 |
June 27, 2014 (1) |
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| Net income | $ | 51.4 | $ | 55.8 | $ | 95.1 | $ | 107.2 | $ | 151.0 | |||||||||
| Adjusted for: | |||||||||||||||||||
| Restructuring, asset impairments and other, net | 3.5 | (2.3 | ) | 4.1 | 1.2 | 9.9 | |||||||||||||
| Goodwill and intangible asset impairment | 3.7 | — | — | 3.7 | — | ||||||||||||||
| Interest expense | 10.7 | 9.2 | 7.9 | 19.9 | 16.0 | ||||||||||||||
| Interest income | (0.3 | ) | (0.3 | ) | (0.2 | ) | (0.6 | ) | (0.4 | ) | |||||||||
| Loss on debt extinguishment | 0.4 | — | — | 0.4 | — | ||||||||||||||
| Gain on sale of available-for-sale securities | (1.3 | ) | (3.4 | ) | — | (4.7 | ) | — | |||||||||||
| Income tax provision (benefit) | 7.7 | 7.4 | (16.2 | ) | 15.1 | (10.0 | ) | ||||||||||||
| Net income attributable to non-controlling interest | (0.7 | ) | (0.7 | ) | (1.0 | ) | (1.4 | ) | (1.2 | ) | |||||||||
| Depreciation and amortization | 88.4 | 90.2 | 57.9 | 178.6 | 110.3 | ||||||||||||||
| Expensing of appraised inventory at fair market value | — | — | 1.3 | — | 1.3 | ||||||||||||||
| Third party acquisition related costs | — | — | 3.7 | — | 4.0 | ||||||||||||||
| Adjusted EBITDA* | 163.5 | 155.9 | 152.6 | 319.4 | 280.9 | ||||||||||||||
| Increase (decrease): | |||||||||||||||||||
| Restructuring, asset impairments and other, net | (3.5 | ) | 2.3 | (4.1 | ) | (1.2 | ) | (9.9 | ) | ||||||||||
| Interest expense | (10.7 | ) | (9.2 | ) | (7.9 | ) | (19.9 | ) | (16.0 | ) | |||||||||
| Interest income | 0.3 | 0.3 | 0.2 | 0.6 | 0.4 | ||||||||||||||
| Gain on sale of available-for-sale securities | 1.3 | 3.4 | — | 4.7 | — | ||||||||||||||
| Income tax provision | (7.7 | ) | (7.4 | ) | 16.2 | (15.1 | ) | 10.0 | |||||||||||
| Net income attributable to non-controlling interest | 0.7 | 0.7 | 1.0 | 1.4 | 1.2 | ||||||||||||||
| Expensing of appraised inventory at fair market value | — | — | (1.3 | ) | — | (1.3 | ) | ||||||||||||
| Third party acquisition related costs | — | — | (3.7 | ) | — | (4.0 | ) | ||||||||||||
| Gain on sale or disposal of fixed assets | (0.5 | ) | (4.0 | ) | — | (4.5 | ) | (0.3 | ) | ||||||||||
| Amortization of debt issuance costs | 0.6 | 0.3 | 0.4 | 0.9 | 0.7 | ||||||||||||||
| Write-down of excess inventories | 10.5 | 17.7 | 4.7 | 28.2 | 11.5 | ||||||||||||||
| Non-cash asset impairment charges | 0.2 | — | 1.8 | 0.2 | 1.8 | ||||||||||||||
| Non-cash share-based compensation expense | 14.1 | 11.3 | 13.4 | 25.4 | 21.9 | ||||||||||||||
| Non-cash interest | 3.0 | 1.8 | 1.7 | 4.8 | 3.3 | ||||||||||||||
| Change in deferred taxes | — | (0.4 | ) | (21.5 | ) | (0.4 | ) | (19.6 | ) | ||||||||||
| Other | (2.1 | ) | (3.0 | ) | (0.1 | ) | (5.1 | ) | (0.1 | ) | |||||||||
| Changes in operating assets and liabilities | (68.1 | ) | (86.2 | ) | (1.8 | ) | (154.3 | ) | (54.0 | ) | |||||||||
| Net cash provided by operating activities | $ | 101.6 | $ | 83.5 | $ | 151.6 | $ | 185.1 | $ | 226.5 | |||||||||
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ON Semiconductor Reports Second 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.
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