ON Semiconductor Reports Second Quarter 2016 Results

 

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

 
    Quarter Ended   Six Months Ended
July 1, 2016   April 1, 2016   July 3, 2015 July 1, 2016   July 3, 2015
Revenues $ 877.8 $ 817.2 $ 880.5 $ 1,695.0 $ 1,751.3
Cost of revenues (exclusive of amortization shown below) 569.9   541.7   576.1   1,111.6   1,146.5  
Gross profit 307.9 275.5 304.4 583.4 604.8
Gross margin 35.1 % 33.7 % 34.6 % 34.4 % 34.5 %
Operating expenses:
Research and development 103.0 98.0 100.4 201.0 200.8
Selling and marketing 52.7 49.2 50.4 101.9 103.7
General and administrative 46.0 44.5 45.0 90.5 91.7
Amortization of acquisition-related intangible assets 23.5 23.7 33.6 47.2 67.5
Restructuring, asset impairments and other, net 5.2 1.7 3.5 6.9 1.2
Intangible asset impairment 2.2     3.7   2.2   3.7  
Total operating expenses 232.6   217.1   236.6   449.7   468.6  
Operating income 75.3   58.4   67.8   133.7   136.2  
Other income (expense), net:
Interest expense (42.1 ) (15.6 ) (10.7 ) (57.7 ) (19.9 )
Interest income 2.1 0.3 0.3 2.4 0.6
Other (1.9 ) (1.4 ) 2.1 (3.3 ) 5.8
Loss on debt extinguishment     (0.4 )   (0.4 )
Other (expense) income, net (41.9 ) (16.7 ) (8.7 ) (58.6 ) (13.9 )
Income before income taxes 33.4 41.7 59.1 75.1 122.3
Income tax (provision) benefit (7.6 ) (5.3 ) (7.7 ) (12.9 ) (15.1 )
Net income 25.8 36.4 51.4 62.2 107.2
Less: Net income attributable to non-controlling interest (0.7 ) (0.4 ) (0.7 ) (1.1 ) (1.4 )
Net income attributable to ON Semiconductor Corporation $ 25.1   $ 36.0   $ 50.7   $ 61.1   $ 105.8  
Net income per common share attributable to ON Semiconductor Corporation:
Basic $ 0.06   $ 0.09   $ 0.12   $ 0.15   $ 0.25  
Diluted $ 0.06   $ 0.09   $ 0.12   $ 0.15   $ 0.24  
Weighted average common shares outstanding:
Basic 414.9   412.6   426.9   413.7   429.2  
Diluted 417.6   415.5   436.3   416.5   438.2  
 
 

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

 
    July 1, 2016   April 1, 2016   July 3, 2015
Assets
Cash and cash equivalents $ 588.1 $ 619.5 $ 576.6
Short-term investments 1.3
Receivables, net 487.4 428.2 489.9
Inventories 750.2 759.7 743.0
Other current assets 96.1   94.3   121.3  
Total current assets 1,921.8 1,901.7 1,932.1
Restricted cash 2,235.8
Property, plant and equipment, net 1,277.2 1,270.4 1,225.5
Goodwill 270.6 270.6 263.8
Intangible assets, net 276.8 302.3 387.3
Other assets 115.6   110.1   90.8  
Total assets $ 6,097.8   $ 3,855.1   $ 3,899.5  
Liabilities, Non-Controlling Interest and Stockholders’ Equity
Accounts payable $ 302.5 $ 305.9 $ 335.5
Accrued expenses 302.6 245.2 273.8
Deferred income on sales to distributors 118.7 112.9 155.1
Current portion of long-term debt 536.7   525.4   555.9  
Total current liabilities 1,260.5 1,189.4 1,320.3
Long-term debt 2,935.1 835.1 806.4
Other long-term liabilities 176.5   152.5   153.1  
Total liabilities 4,372.1   2,177.0   2,279.8  
ON Semiconductor Corporation stockholders’ equity:
Common stock 5.4 5.4 5.3
Additional paid-in capital 3,457.1 3,437.0 3,387.8
Accumulated other comprehensive loss (39.4 ) (41.3 ) (43.6 )
Accumulated deficit (648.3 ) (673.4 ) (809.8 )
Less: Treasury stock, at cost (1,073.9 ) (1,073.7 ) (942.3 )
Total ON Semiconductor Corporation stockholders’ equity 1,700.9 1,654.0 1,597.4
Non-controlling interest in consolidated subsidiary 24.8   24.1   22.3  
Total stockholders' equity 1,725.7   1,678.1   1,619.7  
Total liabilities and equity $ 6,097.8   $ 3,855.1   $ 3,899.5  
 
 

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 1, 2016   April 1, 2016   July 3, 2015 July 1, 2016   July 3, 2015
Net income $ 25.8 $ 36.4 $ 51.4 $ 62.2 $ 107.2
Adjusted for:
Restructuring, asset impairments and other, net 5.2 1.7 3.5 6.9 1.2
Intangible asset impairment 2.2 3.7 2.2 3.7
Interest expense 42.1 15.6 10.7 57.7 19.9
Interest income (2.1 ) (0.3 ) (0.3 ) (2.4 ) (0.6 )
Loss on debt extinguishment 0.4 0.4
Gain on sale of available-for-sale securities (1.3 ) (4.7 )
Income tax provision (benefit) 7.6 5.3 7.7 12.9 15.1
Net income attributable to non-controlling interest (0.7 ) (0.4 ) (0.7 ) (1.1 ) (1.4 )
Depreciation and amortization 79.6 80.7 88.4 160.3 178.6
Third party acquisition related costs 2.0   2.5     4.5    
Adjusted EBITDA* 161.7 141.5 163.5 303.2 319.4
Increase (decrease):
Restructuring, asset impairments and other, net (5.2 ) (1.7 ) (3.5 ) (6.9 ) (1.2 )
Interest expense (42.1 ) (15.6 ) (10.7 ) (57.7 ) (19.9 )
Interest income 2.1 0.3 0.3 2.4 0.6
Gain on sale of available-for-sale securities 1.3 4.7
Income tax provision (7.6 ) (5.3 ) (7.7 ) (12.9 ) (15.1 )
Net income attributable to non-controlling interest 0.7 0.4 0.7 1.1 1.4
Third party acquisition related costs (2.0 ) (2.5 ) (4.5 )
Loss (gain) on sale or disposal of fixed assets 0.3 (0.1 ) (0.5 ) 0.2 (4.5 )
Amortization of debt issuance costs 2.1 1.0 0.6 3.1 0.9
Amortization of debt discount 0.9 0.9
Write-down of excess inventories 17.8 17.9 10.5 35.7 28.2
Non-cash asset impairment charges 0.2 0.2
Non-cash share-based compensation expense 16.1 11.6 14.1 27.7 25.4
Non-cash interest on convertible notes 6.5 6.5 3.0 13.0 4.8
Change in deferred taxes 2.1 1.1 3.2 (0.4 )
Other (4.9 ) 1.5 (2.1 ) (3.4 ) (5.1 )
Changes in operating assets and liabilities (44.3 ) (41.7 ) (68.1 ) (86.0 ) (154.3 )
Net cash provided by operating activities $ 104.2   $ 114.9   $ 101.6   $ 219.1   $ 185.1  
 

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