ON Semiconductor Reports Third Quarter 2014 Results

   

ON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS

(in millions, except per share data)

 
Quarter Ended Nine Months Ended

September 26,
2014

 

June 27, 2014

 

September 27,
2013

September 26,
2014

 

September 27,
2013

Revenues $ 833.5 $ 757.6 $ 715.4 $ 2,297.6 $ 2,064.7
Cost of revenues 549.4   484.6   466.2   1,489.7   1,379.2  
Gross profit 284.1 273.0 249.2 807.9 685.5
Gross margin 34.1 % 36.0 % 34.8 % 35.2 % 33.2 %
Operating expenses:
Research and development 93.4 84.2 84.0 255.7 255.5
Selling and marketing 51.1 47.9 44.2 143.4 127.3
General and administrative 48.5 44.7 34.5 134.2 110.9
Amortization of acquisition-related intangible assets 23.4 10.4 8.2 42.0 24.8
Restructuring, asset impairments and other, net 10.1   4.1   11.0   20.0   11.1  
Total operating expenses 226.5   191.3   181.9   595.3   529.6  
Operating income 57.6   81.7   67.3   212.6   155.9  
Other income (expense), net:
Interest expense (8.6 ) (7.9 ) (9.2 ) (24.6 ) (28.6 )
Interest income 0.2 0.2 0.3 0.6 1.0
Other (0.9 ) (1.2 ) (1.4 ) (2.7 ) 3.6
Loss on debt exchange         (3.1 )
Other income (expense), net (9.3 ) (8.9 ) (10.3 ) (26.7 ) (27.1 )
Income before income taxes 48.3 72.8 57.0 185.9 128.8
Income tax benefit (provision) (6.3 ) 16.2   (4.2 ) 3.7   (4.0 )
Net income 42.0 89.0 52.8 189.6 124.8
Less: Net income attributable to non-controlling interest (0.4 ) (1.0 ) (1.0 ) (1.6 ) (2.7 )
Net income attributable to ON Semiconductor Corporation $ 41.6   $ 88.0   $ 51.8   $ 188.0   $ 122.1  
Net income per common share attributable to ON Semiconductor Corporation:
Basic $ 0.09   $ 0.20   $ 0.12   $ 0.43   $ 0.27  
Diluted $ 0.09   $ 0.20   $ 0.11   $ 0.42   $ 0.27  
Weighted average common shares outstanding:
Basic 440.7   441.1   449.3   440.7   449.8  
Diluted 444.9   444.5   452.1   444.6   452.6  
 
     

ON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

UNAUDITED CONSOLIDATED BALANCE SHEET

(in millions)

 

September 26,
2014

June 27, 2014 December 31, 2013
Assets
Cash and cash equivalents $ 492.1 $ 598.9 $ 509.5
Short-term investments 2.8 2.3 116.2
Receivables, net 488.7 437.3 383.4
Inventories 724.3 632.6 611.8
Other current assets 105.3   90.5   89.3  
Total current assets 1,813.2 1,761.6 1,710.2
Property, plant and equipment, net 1,211.9 1,141.7 1,074.2
Goodwill 275.3 211.6 184.6
Intangible assets, net 480.4 245.5 223.4
Other assets 101.4   58.0   64.6  
Total assets $ 3,882.2   $ 3,418.4   $ 3,257.0  
Liabilities, Non-Controlling Interest and Stockholders’ Equity
Accounts payable $ 398.7 $ 305.4 $ 276.8
Accrued expenses 244.0 231.9 220.3
Deferred income on sales to distributors 167.0 162.6 140.5
Current portion of long-term debt 203.3   169.4   181.6  
Total current liabilities 1,013.0 869.3 819.2
Long-term debt 980.3 735.5 760.6
Other long-term liabilities 214.6   174.1   190.4  
Total liabilities 2,207.9   1,778.9   1,770.2  
ON Semiconductor Corporation stockholders’ equity:
Common stock 5.2 5.2 5.2
Additional paid-in capital 3,269.0 3,250.6 3,210.8
Accumulated other comprehensive loss (44.6 ) (45.3 ) (47.4 )
Accumulated deficit (954.1 ) (995.7 ) (1,142.1 )
Less: treasury stock, at cost (632.9 ) (608.1 ) (572.5 )
Total ON Semiconductor Corporation stockholders’ equity 1,642.6 1,606.7 1,454.0
Non-controlling interest in consolidated subsidiary 31.7   32.8   32.8  
Total stockholders' equity 1,674.3   1,639.5   1,486.8  
Total liabilities and equity $ 3,882.2   $ 3,418.4   $ 3,257.0  
 
   

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

September 26,
2014

 

June 27, 2014

 

September 27,
2013

September 26,
2014

 

September
27, 2013

Net income $ 42.0 $ 89.0 $ 52.8 $ 189.6   $ 124.8
Adjusted for:
Restructuring, asset impairments and other, net 10.1 4.1 11.0 20.0 11.1
Interest expense 8.6 7.9 9.2 24.6 28.6
Interest income (0.2 ) (0.2 ) (0.3 ) (0.6 ) (1.0 )
Loss on debt exchange 3.1
Income tax (benefit) provision 6.3 (16.2 ) 4.2 (3.7 ) 4.0
Net income attributable to non-controlling interest (0.4 ) (1.0 ) (1.0 ) (1.6 ) (2.7 )
Depreciation and amortization 74.5 57.9 52.9 184.8 156.5
Actuarial losses on pension plans and other pension benefits 13.6
Expensing of appraised inventory at fair market value step up 12.9 1.3 14.2
Third party acquisition related costs 4.0   3.7     8.0    
Adjusted EBITDA* 157.8 146.5 128.8 435.3 338.0
Increase (decrease):
Restructuring, asset impairments and other, net (10.1 ) (4.1 ) (11.0 ) (20.0 ) (11.1 )
Interest expense (8.6 ) (7.9 ) (9.2 ) (24.6 ) (28.6 )
Interest income 0.2 0.2 0.3 0.6 1.0
Income tax benefit (provision) (6.3 ) 16.2 (4.2 ) 3.7 (4.0 )
Net income attributable to non-controlling interest 0.4 1.0 1.0 1.6 2.7
Actuarial losses on pension plans and other pension benefits (13.6 )
Expensing of appraised inventory at fair market value step up (12.9 ) (1.3 ) (14.2 )
Third party acquisition related costs (4.0 ) (3.7 ) (8.0 )
(Gain) loss on sale or disposal of fixed assets (0.3 ) (0.5 ) (0.6 ) (7.6 )
Amortization of debt issuance costs 0.3 0.4 0.3 1.0 0.9
Provision for excess inventories 9.6 4.7 5.8 21.1 45.7
Non-cash asset impairment charges 1.8 2.9 1.8 3.5
Non-cash share-based compensation expense 11.1 13.4 7.0 33.0 23.4
Non-cash interest 1.8 1.7 2.7 5.1 8.5
Non-cash foreign currency translation gain (21.0 )
Reversal of valuation allowance (0.2 ) (21.5 ) (21.7 )
Other 3.5 0.9 0.8 6.2 (5.7 )
Changes in operating assets and liabilities (50.0 ) 3.3   (64.8 ) (101.5 ) (131.8 )
Net cash provided by operating activities $ 92.3   $ 151.6   $ 59.9   318.8   200.3  
 

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