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.

 

ON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

UNAUDITED RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA* AND

NET CASH PROVIDED BY OPERATING ACTIVITIES

(in millions)

 
Quarter Ended   Six Months Ended
July 3, 2015   April 3, 2015  

July 27, 2014 (1)

July 3, 2015  

June 27, 2014 (1)

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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