onsemi Reports Record Third Quarter 2022 Results

ON SEMICONDUCTOR CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share data)

 

Quarters Ended

 

Nine Months Ended

 

September
30, 2022

 

July 1, 2022

 

October 1,

2021

 

September 30,

2022

 

October 1,
2021

Revenue

$

2,192.6

 

 

$

2,085.0

 

 

$

1,742.1

 

 

$

6,222.6

 

 

$

4,893.7

 

Cost of revenue (exclusive of amortization shown below)

 

1,134.3

 

 

 

1,047.9

 

 

 

1,021.3

 

 

 

3,165.9

 

 

 

3,011.6

 

Gross profit

 

1,058.3

 

 

 

1,037.1

 

 

 

720.8

 

 

 

3,056.7

 

 

 

1,882.1

 

Gross margin

 

48.3

%

 

 

49.7

%

 

 

41.4

%

 

 

49.1

%

 

 

38.5

%

Operating expenses:

 

 

 

 

 

 

 

 

 

Research and development

 

145.4

 

 

 

161.6

 

 

 

154.5

 

 

 

463.8

 

 

 

494.4

 

Selling and marketing

 

69.5

 

 

 

73.1

 

 

 

68.4

 

 

 

213.7

 

 

 

223.4

 

General and administrative

 

84.9

 

 

 

83.2

 

 

 

75.7

 

 

 

246.0

 

 

 

221.3

 

Amortization of acquisition-related intangible assets

 

21.9

 

 

 

21.9

 

 

 

24.7

 

 

 

65.1

 

 

 

74.5

 

Restructuring, asset impairments and other, net

 

40.3

 

 

 

(1.7

)

 

 

(1.7

)

 

 

25.6

 

 

 

58.3

 

Goodwill and intangible asset impairment

 

271.8

 

 

 

115.0

 

 

 

 

 

 

386.8

 

 

 

2.9

 

Total operating expenses

 

633.8

 

 

 

453.1

 

 

 

321.6

 

 

 

1,401.0

 

 

 

1,074.8

 

Operating income

 

424.5

 

 

 

584.0

 

 

 

399.2

 

 

 

1,655.7

 

 

 

807.3

 

Other income (expense), net:

 

 

 

 

 

 

 

 

 

Interest expense

 

(23.7

)

 

 

(22.1

)

 

 

(31.9

)

 

 

(67.4

)

 

 

(98.4

)

Interest income

 

4.9

 

 

 

1.1

 

 

 

0.5

 

 

 

6.4

 

 

 

1.1

 

Loss on debt refinancing and prepayment

 

 

 

 

(7.3

)

 

 

 

 

 

(7.3

)

 

 

(26.2

)

Gain on divestiture of business

 

0.2

 

 

 

1.9

 

 

 

10.2

 

 

 

2.1

 

 

 

10.2

 

Other income (expense)

 

0.9

 

 

 

6.4

 

 

 

(5.8

)

 

 

9.4

 

 

 

(2.4

)

Other income (expense), net

 

(17.7

)

 

 

(20.0

)

 

 

(27.0

)

 

 

(56.8

)

 

 

(115.7

)

Income before income taxes

 

406.8

 

 

 

564.0

 

 

 

372.2

 

 

 

1,598.9

 

 

 

691.6

 

Income tax provision

 

(94.9

)

 

 

(107.4

)

 

 

(61.8

)

 

 

(299.4

)

 

 

(106.8

)

Net income

 

311.9

 

 

 

456.6

 

 

 

310.4

 

 

 

1,299.5

 

 

 

584.8

 

Less: Net income attributable to non-controlling interest

 

 

 

 

(0.8

)

 

 

(0.7

)

 

 

(1.6

)

 

 

(1.1

)

Net income attributable to ON Semiconductor Corporation

$

311.9

 

 

$

455.8

 

 

$

309.7

 

 

$

1,297.9

 

 

$

583.7

 

 

 

 

 

 

 

 

 

 

 

Net income for diluted earnings per share of common stock

$

312.4

 

 

$

456.3

 

 

$

309.7

 

 

$

1,299.4

 

 

$

583.7

 

Net income per share of common stock:

 

 

 

 

 

 

 

 

 

Basic

$

0.72

 

 

$

1.05

 

 

$

0.72

 

 

$

2.99

 

 

$

1.38

 

Diluted

$

0.70

 

 

$

1.02

 

 

$

0.70

 

 

$

2.90

 

 

$

1.32

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

432.9

 

 

 

434.2

 

 

 

430.6

 

 

 

433.5

 

 

 

423.8

 

Diluted

 

448.7

 

 

 

447.0

 

 

 

440.7

 

 

 

448.3

 

 

 

443.1

 

ON SEMICONDUCTOR CORPORATION

UNAUDITED CONSOLIDATED BALANCE SHEETS

(in millions)

 

September
30, 2022

 

July 1, 2022

 

December 31,
2021

Assets

 

 

 

 

 

Cash and cash equivalents

$ 2,450.2

 

$ 1,791.6

 

$ 1,352.6

Receivables, net

857.3

 

1,138.1

 

809.4

Inventories

1,575.4

 

1,563.2

 

1,379.5

Assets held-for-sale

135.0

 

 

Other current assets

291.5

 

292.4

 

240.1

Total current assets

5,309.4

 

4,785.3

 

3,781.6

Property, plant and equipment, net

2,762.1

 

2,709.8

 

2,524.3

Goodwill

1,600.4

 

1,815.4

 

1,937.5

Intangible assets, net

373.8

 

452.6

 

495.7

Deferred tax assets

409.9

 

375.7

 

366.3

Other assets

645.1

 

649.9

 

520.6

Total assets

$ 11,100.7

 

$ 10,788.7

 

$ 9,626.0

Liabilities, Non-Controlling Interest and Stockholders’ Equity

 

 

 

 

 

Accounts payable

$ 791.7

 

$ 793.8

 

$ 635.1

Accrued expenses and other current liabilities

766.7

 

754.3

 

747.6

Liabilities held-for-sale

37.3

 

 

Current portion of long-term debt

165.3

 

165.2

 

160.7

Total current liabilities

1,761.0

 

1,713.3

 

1,543.4

Long-term debt

3,046.5

 

3,047.4

 

2,913.9

Deferred tax liabilities

30.5

 

36.8

 

43.2

Other long-term liabilities

586.1

 

581.1

 

521.1

Total liabilities

5,424.1

 

5,378.6

 

5,021.6

ON Semiconductor Corporation stockholders’ equity:

 

 

 

 

 

Common stock

6.1

 

6.1

 

6.0

Additional paid-in capital

4,598.8

 

4,565.9

 

4,633.3

Accumulated other comprehensive loss

(23.4)

 

(29.3)

 

(40.6)

Accumulated earnings

3,760.1

 

3,448.2

 

2,435.1

Less: Treasury stock, at cost

(2,685.6)

 

(2,601.4)

 

(2,448.4)

Total ON Semiconductor Corporation stockholders’ equity

5,656.0

 

5,389.5

 

4,585.4

Non-controlling interest

20.6

 

20.6

 

19.0

Total stockholders' equity

5,676.6

 

5,410.1

 

4,604.4

Total liabilities and stockholders' equity

$ 11,100.7

 

$ 10,788.7

 

$ 9,626.0

ON SEMICONDUCTOR CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

 

Quarters Ended

 

Nine Months Ended

 

September 30,
2022

 

July 1, 2022

 

October 1,
2021

 

September 30,
2022

 

October 1,
2021

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

Net income

$

311.9

 

 

$

456.6

 

 

$

310.4

 

 

$

1,299.5

 

 

$

584.8

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

139.6

 

 

 

138.4

 

 

 

149.9

 

 

 

418.6

 

 

 

456.4

 

(Gain) loss on sale and disposal of fixed assets

 

(16.5

)

 

 

 

 

 

2.0

 

 

 

(33.1

)

 

 

2.3

 

Gain on divestiture of business

 

(0.2

)

 

 

(1.9

)

 

 

(10.2

)

 

 

(2.1

)

 

 

(10.2

)

Loss on debt refinancing and prepayment

 

 

 

 

7.3

 

 

 

 

 

 

7.3

 

 

 

26.2

 

Amortization of debt discount and issuance costs

 

2.6

 

 

 

2.8

 

 

 

2.9

 

 

 

8.6

 

 

 

8.0

 

Share-based compensation

 

26.9

 

 

 

27.1

 

 

 

22.7

 

 

 

76.5

 

 

 

74.1

 

Non-cash interest on convertible notes

 

 

 

 

 

 

 

7.0

 

 

 

 

 

 

17.6

 

Non-cash asset impairment charges

 

11.9

 

 

 

 

 

 

3.3

 

 

 

18.6

 

 

 

10.8

 

Goodwill and intangible asset impairment charge

 

271.8

 

 

 

115.0

 

 

 

 

 

 

386.8

 

 

 

 

Change in deferred tax balances

 

(71.3

)

 

 

(31.6

)

 

 

44.2

 

 

 

(64.6

)

 

 

39.5

 

Other

 

(0.7

)

 

 

0.8

 

 

 

0.2

 

 

 

0.6

 

 

 

0.2

 

Changes in assets and liabilities

 

326.4

 

 

 

(293.7

)

 

 

(83.5

)

 

 

(214.9

)

 

 

(54.3

)

Net cash provided by operating activities

$

1,002.4

 

 

$

420.8

 

 

$

448.9

 

 

$

1,901.8

 

 

$

1,155.4

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

Purchase of Property, Plant and Equipment ("PP&E")

$

(271.1

)

 

$

(218.1

)

 

$

(93.2

)

 

$

(663.0

)

 

$

(275.0

)

Proceeds from sale of PP&E

 

20.8

 

 

 

1.5

 

 

 

 

 

 

59.0

 

 

 

6.6

 

Deposits made for purchase of PP&E

 

(22.3

)

 

 

(33.0

)

 

 

(18.7

)

 

 

(53.7

)

 

 

(21.5

)

Divestiture of business, net of cash transferred and deposits received

 

 

 

 

77.6

 

 

 

3.4

 

 

 

90.5

 

 

 

3.4

 

Payments related to prior acquisition

 

 

 

 

 

 

 

 

 

 

(2.4

)

 

 

 

Purchase of available-for-sale securities

 

(1.7

)

 

 

(8.5

)

 

 

(43.8

)

 

 

(18.0

)

 

 

(43.8

)

Proceeds from sale or maturity of available-for-sale securities

 

10.2

 

 

 

10.4

 

 

 

2.8

 

 

 

24.0

 

 

 

2.8

 

Net cash used in investing activities

$

(264.1

)

 

$

(170.1

)

 

$

(149.5

)

 

$

(563.6

)

 

$

(327.5

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

Proceeds for the issuance of common stock under the ESPP

$

5.7

 

 

$

4.7

 

 

$

6.2

 

 

$

18.2

 

 

$

18.5

 

Payment of tax withholding for RSUs

 

(4.1

)

 

 

(4.5

)

 

 

(2.2

)

 

 

(67.4

)

 

 

(34.2

)

Repurchase of common stock

 

(77.2

)

 

 

(89.7

)

 

 

 

 

 

(166.9

)

 

 

 

Issuance and borrowings under debt agreements

 

 

 

 

500.0

 

 

 

 

 

 

500.0

 

 

 

787.3

 

Reimbursement of debt issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

2.7

 

Payment of debt issuance and other financing costs

 

 

 

 

 

 

 

(0.3

)

 

 

 

 

 

(3.8

)

Repayment of borrowings under debt agreements

 

(2.7

)

 

 

(502.7

)

 

 

(4.1

)

 

 

(509.5

)

 

 

(1,218.8

)

Payment for purchase of bond hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

(160.3

)

Proceeds from issuance of warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

93.8

 

Payments related to prior acquisition

 

 

 

 

 

 

 

(0.7

)

 

 

 

 

 

(3.0

)

Payment of finance lease obligations

 

(1.6

)

 

 

(10.9

)

 

 

 

 

 

(12.5

)

 

 

 

Dividend to non-controlling shareholder

 

 

 

 

 

 

 

 

 

 

(2.2

)

 

 

 

Net cash used in financing activities

$

(79.9

)

 

$

(103.1

)

 

$

(1.1

)

 

$

(240.3

)

 

$

(517.8

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

(0.6

)

 

 

(1.9

)

 

 

(0.2

)

 

 

(3.2

)

 

 

(1.0

)

Net increase in cash, cash equivalents and restricted cash

 

657.8

 

 

 

145.7

 

 

 

298.1

 

 

 

1,094.7

 

 

 

309.1

 

Beginning cash, cash equivalents and restricted cash

 

1,814.6

 

 

 

1,668.9

 

 

 

1,092.5

 

 

 

1,377.7

 

 

 

1,081.5

 

Ending cash, cash equivalents and restricted cash

$

2,472.4

 

 

$

1,814.6

 

 

$

1,390.6

 

 

$

2,472.4

 

 

$

1,390.6

 

ON SEMICONDUCTOR CORPORATION

RECONCILIATION OF GAAP VERSUS NON-GAAP DISCLOSURES

(in millions, except per share and percentage data)

 

 

Quarters Ended

 

Nine Months Ended

 

 

September 30,
2022

 

July 1, 2022

 

October 1,
2021

 

September 30,
2022

 

October 1,
2021

Reconciliation of GAAP to non-GAAP gross profit:

 

 

 

 

 

 

 

 

 

GAAP gross profit

$

1,058.3

 

 

$

1,037.1

 

 

$

720.8

 

 

$

3,056.7

 

 

$

1,882.1

 

Special items:

 

 

 

 

 

 

 

 

 

a)

Non-recurring facility costs

 

 

 

 

 

 

 

2.5

 

 

 

 

 

 

3.2

 

b)

Impact of business wind down

 

23.1

 

 

 

 

 

 

 

 

 

23.1

 

 

 

 

 

Total special items

 

23.1

 

 

 

 

 

 

2.5

 

 

 

23.1

 

 

 

3.2

 

Non-GAAP gross profit

$

1,081.4

 

 

$

1,037.1

 

 

$

723.3

 

 

$

3,079.8

 

 

$

1,885.3

 

Reconciliation of GAAP to non-GAAP gross margin:

 

 

 

 

 

 

 

 

 

GAAP gross margin

 

48.3

%

 

 

49.7

%

 

 

41.4

%

 

 

49.1

%

 

 

38.5

%

Special items:

 

 

 

 

 

 

 

 

 

a)

Non-recurring facility costs

 

%

 

 

%

 

 

0.1

%

 

 

%

 

 

0.1

%

b)

Impact of business wind down

 

1.1

%

 

 

%

 

 

%

 

 

0.4

%

 

 

%

 

Total special items

 

1.1

%

 

 

%

 

 

0.1

%

 

 

0.4

%

 

 

%

Non-GAAP gross margin

 

49.3

%

 

 

49.7

%

 

 

41.5

%

 

 

49.5

%

 

 

38.5

%

Reconciliation of GAAP to non-GAAP operating expenses:

 

 

 

 

 

 

 

 

 

GAAP operating expenses

$

633.8

 

 

$

453.1

 

 

$

321.6

 

 

$

1,401.0

 

 

$

1,074.8

 

Special items:

 

 

 

 

 

 

 

 

 

a)

Amortization of acquisition-related intangible assets

 

(21.9

)

 

 

(21.9

)

 

 

(24.7

)

 

 

(65.1

)

 

 

(74.5

)

b)

Restructuring, asset impairments and other, net

 

(40.3

)

 

 

1.7

 

 

 

1.7

 

 

 

(25.6

)

 

 

(58.3

)

c)

Goodwill and intangible asset impairment

 

(271.8

)

 

 

(115.0

)

 

 

 

 

 

(386.8

)

 

 

(2.9

)

d)

Third party acquisition and divestiture-related costs

 

(2.3

)

 

 

(0.2

)

 

 

(2.4

)

 

 

(5.5

)

 

 

(4.0

)

e)

Impact of business wind down

 

6.8

 

 

 

 

 

 

 

 

 

6.8

 

 

 

 

 

Total special items

 

(329.5

)

 

 

(135.4

)

 

 

(25.4

)

 

 

(476.2

)

 

 

(139.7

)

Non-GAAP operating expenses

$

304.3

 

 

$

317.7

 

 

$

296.2

 

 

$

924.8

 

 

$

935.1

 

Reconciliation of GAAP to non-GAAP operating income:

 

 

 

 

 

 

 

 

 

GAAP operating income

$

424.5

 

 

$

584.0

 

 

$

399.2

 

 

$

1,655.7

 

 

$

807.3

 

Special items:

 

 

 

 

 

 

 

 

 

a)

Non-recurring facility costs

 

 

 

 

 

 

 

2.5

 

 

 

 

 

 

3.2

 

b)

Impact of business wind down

 

16.3

 

 

 

 

 

 

 

 

 

16.3

 

 

 

 

c)

Amortization of acquisition-related intangible assets

 

21.9

 

 

 

21.9

 

 

 

24.7

 

 

 

65.1

 

 

 

74.5

 

d)

Restructuring, asset impairments and other, net

 

40.3

 

 

 

(1.7

)

 

 

(1.7

)

 

 

25.6

 

 

 

58.3

 

e)

Goodwill and intangible asset impairment

 

271.8

 

 

 

115.0

 

 

 

 

 

 

386.8

 

 

 

2.9

 

f)

Third party acquisition and divestiture-related costs

 

2.3

 

 

 

0.2

 

 

 

2.4

 

 

 

5.5

 

 

 

4.0

 

 

Total special items

 

352.6

 

 

 

135.4

 

 

 

27.9

 

 

 

499.3

 

 

 

142.9

 

Non-GAAP operating income

$

777.1

 

 

$

719.4

 

 

$

427.1

 

 

$

2,155.0

 

 

$

950.2

 

Reconciliation of GAAP to non-GAAP operating margin (operating income / revenue) :

 

 

 

 

 

 

 

 

 

GAAP operating margin

 

19.4

%

 

 

28.0

%

 

 

22.9

%

 

 

26.6

%

 

 

16.5

%

Special items:

 

 

 

 

 

 

 

 

 

a)

Non-recurring facility costs

 

%

 

 

%

 

 

0.1

%

 

 

%

 

 

0.1

%

b)

Impact of business wind down

 

0.7

%

 

 

%

 

 

%

 

 

0.3

%

 

 

%

c)

Amortization of acquisition-related intangible assets

 

1.0

%

 

 

1.1

%

 

 

1.4

%

 

 

1.0

%

 

 

1.5

%

d)

Restructuring, asset impairments and other, net

 

1.8

%

 

 

(0.1

) %

 

 

(0.1

) %

 

 

0.4

%

 

 

1.2

%

e)

Goodwill and intangible asset impairment

 

12.4

%

 

 

5.5

%

 

 

%

 

 

6.2

%

 

 

0.1

%

f)

Third party acquisition and divestiture-related costs

 

0.1

%

 

 

%

 

 

0.1

%

 

 

0.1

%

 

 

0.1

%

 

Total special items

 

16.0

%

 

 

6.5

%

 

 

1.6

%

 

 

8.0

%

 

 

2.9

%

Non-GAAP operating margin

 

35.4

%

 

 

34.5

%

 

 

24.5

%

 

 

34.6

%

 

 

19.4

%

Reconciliation of GAAP to non-GAAP income before income taxes:

 

 

 

 

 

 

 

 

 

GAAP income before income taxes

$

406.8

 

 

$

564.0

 

 

$

372.2

 

 

$

1,598.9

 

 

$

691.6

 

Special items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a)

Non-recurring facility costs

 

 

 

 

 

 

 

2.5

 

 

 

 

 

 

3.2

 

b)

Impact of business wind down

 

16.3

 

 

 

 

 

 

 

 

 

16.3

 

 

 

 

b)

Amortization of acquisition-related intangible assets

 

21.9

 

 

 

21.9

 

 

 

24.7

 

 

 

65.1

 

 

 

74.5

 

c)

Restructuring, asset impairments and other, net

 

40.3

 

 

 

(1.7

)

 

 

(1.7

)

 

 

25.6

 

 

 

58.3

 

d)

Goodwill and intangible asset impairment

 

271.8

 

 

 

115.0

 

 

 

 

 

 

386.8

 

 

 

2.9

 

e)

Third party acquisition and divestiture-related costs

 

2.3

 

 

 

0.2

 

 

 

2.4

 

 

 

5.5

 

 

 

4.0

 

f)

Loss on debt refinancing and prepayment

 

 

 

 

7.3

 

 

 

 

 

 

7.3

 

 

 

26.2

 

g)

Actuarial losses on pension plans and other pension benefits

 

 

 

 

 

 

 

5.5

 

 

 

 

 

 

5.5

 

h)

Non-cash interest on convertible notes

 

 

 

 

 

 

 

7.0

 

 

 

 

 

 

17.6

 

i)

Gain on divestiture of business

 

(0.2

)

 

 

(1.9

)

 

 

(10.2

)

 

 

(2.1

)

 

 

(10.2

)

 

Total special items

 

352.4

 

 

 

140.8

 

 

 

30.2

 

 

 

504.5

 

 

 

182.0

 

Non-GAAP income before income taxes

$

759.2

 

 

$

704.8

 

 

$

402.4

 

 

$

2,103.4

 

 

$

873.6

 

Reconciliation of GAAP to non-GAAP net income attributable to ON Semiconductor Corporation:

 

 

 

 

 

 

 

 

 

GAAP net income attributable to ON Semiconductor Corporation

$

311.9

 

 

$

455.8

 

 

$

309.7

 

 

$

1,297.9

 

 

$

583.7

 

Special items:

 

 

 

 

 

 

 

 

 

a)

Non-recurring facility costs

 

 

 

 

 

 

 

2.5

 

 

 

 

 

 

3.2

 

b)

Impact of business wind down

 

16.3

 

 

 

 

 

 

 

 

 

16.3

 

 

 

 

b)

Amortization of acquisition-related intangible assets

 

21.9

 

 

 

21.9

 

 

 

24.7

 

 

 

65.1

 

 

 

74.5

 

c)

Restructuring, asset impairments and other, net

 

40.3

 

 

 

(1.7

)

 

 

(1.7

)

 

 

25.6

 

 

 

58.3

 

d)

Goodwill and intangible asset impairment

 

271.8

 

 

 

115.0

 

 

 

 

 

 

386.8

 

 

 

2.9

 

e)

Third party acquisition and divestiture-related costs

 

2.3

 

 

 

0.2

 

 

 

2.4

 

 

 

5.5

 

 

 

4.0

 

f)

Actuarial losses on pension plans and other pension benefits

 

 

 

 

 

 

 

5.5

 

 

 

 

 

 

5.5

 

f)

Loss on debt refinancing and prepayment

 

 

 

 

7.3

 

 

 

 

 

 

7.3

 

 

 

26.2

 

g)

Non-cash interest on convertible notes

 

 

 

 

 

 

 

7.0

 

 

 

 

 

 

17.6

 

h)

Gain on divestiture of a business

 

(0.2

)

 

 

(1.9

)

 

 

(10.2

)

 

 

(2.1

)

 

 

(10.2

)

i)

Adjustment of income taxes

 

(24.9

)

 

 

(7.3

)

 

 

40.4

 

 

 

(35.1

)

 

 

41.7

 

 

Total special items

 

327.5

 

 

 

133.5

 

 

 

70.6

 

 

 

469.4

 

 

 

223.7

 

Non-GAAP net income attributable to ON Semiconductor Corporation

$

639.4

 

 

$

589.3

 

 

$

380.3

 

 

$

1,767.3

 

 

$

807.4

 

Adjustment of income taxes:

 

 

 

 

 

 

 

 

 

Tax adjustment for special items (1)

$

(74.0

)

 

$

(5.4

)

 

$

(6.3

)

 

$

(105.9

)

 

$

(38.2

)

Other non-GAAP tax adjustment (2)

 

49.1

 

 

 

(1.9

)

 

 

46.7

 

 

 

70.8

 

 

 

79.9

 

 

Total adjustment of income taxes

$

(24.9

)

 

$

(7.3

)

 

$

40.4

 

 

$

(35.1

)

 

$

41.7

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net income for diluted earnings per share

$

312.4

 

 

$

456.3

 

 

$

309.7

 

 

$

1,299.4

 

 

$

583.7

 

Non-GAAP net income for diluted earnings per share

$

639.9

 

 

$

589.8

 

 

$

380.3

 

 

$

1,768.8

 

 

$

807.4

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP to non-GAAP diluted shares outstanding:

 

 

 

 

 

 

 

 

 

GAAP diluted shares outstanding

 

448.7

 

 

 

447.0

 

 

 

440.7

 

 

 

448.3

 

 

 

443.1

 

Special items:

 

 

 

 

 

 

 

 

 

a)

Less: dilutive shares attributable to convertible notes

 

(7.9

)

 

 

(5.4

)

 

 

(5.0

)

 

 

(6.7

)

 

 

(8.9

)

 

Total special items

 

(7.9

)

 

 

(5.4

)

 

 

(5.0

)

 

 

(6.7

)

 

 

(8.9

)

Non-GAAP diluted shares outstanding

 

440.8

 

 

 

441.6

 

 

 

435.7

 

 

 

441.6

 

 

 

434.2

 

Non-GAAP diluted earnings per share:

 

 

 

 

 

 

 

 

 

Non-GAAP net income for diluted earnings per share

$

639.9

 

 

$

589.8

 

 

$

380.3

 

 

$

1,768.8

 

 

$

807.4

 

Non-GAAP diluted shares outstanding

 

440.8

 

 

 

441.6

 

 

 

435.7

 

 

 

441.6

 

 

 

434.2

 

Non-GAAP diluted earnings per share

$

1.45

 

 

$

1.34

 

 

$

0.87

 

 

$

4.01

 

 

$

1.86

 

Reconciliation of net cash provided by operating activities to free cash flow:

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

$

1,002.4

 

 

$

420.8

 

 

$

448.9

 

 

$

1,901.8

 

 

$

1,155.4

 

Special items:

 

 

 

 

 

 

 

 

 

a)

Purchase of property, plant and equipment

 

(271.1

)

 

 

(218.1

)

 

 

(93.2

)

 

 

(663.0

)

 

 

(275.0

)

 

Total special items

 

(271.1

)

 

 

(218.1

)

 

 

(93.2

)

 

 

(663.0

)

 

 

(275.0

)

Free cash flow

$

731.3

 

 

$

202.7

 

 

$

355.7

 

 

$

1,238.8

 

 

$

880.4

 

ON SEMICONDUCTOR CORPORATION

RECONCILIATION OF GAAP VERSUS NON-GAAP DISCLOSURES (Continued)

(in millions, except per share and percentage data)

 

Quarters Ended

 

 

 

December 31,
2021

 

April 1, 2022

 

July 1, 2022

 

September 30,
2022

 

LTM

Net cash provided by operating activities

$

626.6

 

 

$

478.6

 

 

$

420.8

 

 

$

1,002.4

 

 

$

2,528.4

 

Purchase of property, plant and equipment

 

(169.6

)

 

 

(173.8

)

 

 

(218.1

)

 

 

(271.1

)

 

 

(832.6

)

Free cash flow

$

457.0

 

 

$

304.8

 

 

$

202.7

 

 

$

731.3

 

 

$

1,695.8

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

1,846.1

 

 

$

1,945.0

 

 

$

2,085.0

 

 

$

2,192.6

 

 

$

8,068.7

 

(1)

Tax impact of non-GAAP special items (a-h) is calculated using the federal statutory rate of 21% for all periods presented.

(2)

For the periods related to the year ended December 31, 2021, the income tax adjustment primarily represents the use of the net operating loss, non-cash impact of not asserting indefinite reinvestment on earnings of our foreign subsidiaries, deferred tax expense not affecting taxes payable, and non-cash expense (benefit) related to uncertain tax positions. For the periods related to the year ended December 31, 2022, the income tax adjustment primarily relates to discrete tax and other non-GAAP adjustments.


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