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ON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
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| Quarter Ended | ||||||||||||
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March 28, 2014 |
December 31, 2013 | March 29, 2013 | ||||||||||
| Revenues | $ | 706.5 | $ | 718.0 | $ | 661.0 | ||||||
| Cost of revenues | 455.7 | 465.1 | 456.5 | |||||||||
| Gross profit | 250.8 | 252.9 | 204.5 | |||||||||
| Gross margin | 35.5 | % | 35.2 | % | 30.9 | % | ||||||
| Operating expenses: | ||||||||||||
| Research and development | 78.1 | 78.7 | 88.4 | |||||||||
| Selling and marketing | 44.4 | 43.9 | 39.8 | |||||||||
| General and administrative | 41.0 | 37.6 | 36.2 | |||||||||
| Amortization of acquisition-related intangible assets | 8.2 | 8.3 | 8.4 | |||||||||
| Restructuring, asset impairments and other, net | 5.8 | 22.1 | (6.0 | ) | ||||||||
| Total operating expenses | 177.5 | 190.6 | 166.8 | |||||||||
| Operating income | 73.3 | 62.3 | 37.7 | |||||||||
| Other income (expense), net: | ||||||||||||
| Interest expense | (8.1 | ) | (10.0 | ) | (10.1 | ) | ||||||
| Interest income | 0.2 | 0.3 | 0.3 | |||||||||
| Other | (0.6 | ) | (0.5 | ) | 0.9 | |||||||
| Loss on debt exchange | — | — | (3.1 | ) | ||||||||
| Other income (expense), net | (8.5 | ) | (10.2 | ) | (12.0 | ) | ||||||
| Income before income taxes | 64.8 | 52.1 | 25.7 | |||||||||
| Income tax provision | (6.2 | ) | (22.9 | ) | (2.4 | ) | ||||||
| Net income | 58.6 | 29.2 | 23.3 | |||||||||
| Less: Net income attributable to non-controlling interest | (0.2 | ) | (0.5 | ) | (0.7 | ) | ||||||
| Net income attributable to ON Semiconductor Corporation | $ | 58.4 | $ | 28.7 | $ | 22.6 | ||||||
| Net income per common share attributable to ON Semiconductor Corporation: | ||||||||||||
| Basic | $ | 0.13 | $ | 0.06 | $ | 0.05 | ||||||
| Diluted | $ | 0.13 | $ | 0.06 | $ | 0.05 | ||||||
| Weighted average common shares outstanding: | ||||||||||||
| Basic | 440.4 | 442.5 | 449.5 | |||||||||
| Diluted | 444.5 | 445.2 | 452.5 | |||||||||
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ON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
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| March 28, 2014 | December 31, 2013 | March 29, 2013 | ||||||||||
| Assets | ||||||||||||
| Cash and cash equivalents | $ | 562.0 | $ | 509.5 | $ | 537.0 | ||||||
| Short-term investments | 55.0 | 116.2 | 77.3 | |||||||||
| Receivables, net | 417.1 | 383.4 | 367.2 | |||||||||
| Inventories | 613.9 | 611.8 | 561.4 | |||||||||
| Other current assets | 89.3 | 89.3 | 74.6 | |||||||||
| Total current assets | 1,737.3 | 1,710.2 | 1,617.5 | |||||||||
| Property, plant and equipment, net | 1,081.4 | 1,074.2 | 1,094.2 | |||||||||
| Goodwill | 184.6 | 184.6 | 184.6 | |||||||||
| Intangible assets, net | 215.3 | 223.4 | 248.5 | |||||||||
| Other assets | 68.1 | 64.6 | 87.9 | |||||||||
| Total assets | $ | 3,286.7 | $ | 3,257.0 | $ | 3,232.7 | ||||||
| Liabilities, Non-Controlling Interest and Stockholders’ Equity | ||||||||||||
| Accounts payable | $ | 276.7 | $ | 276.8 | $ | 263.0 | ||||||
| Accrued expenses | 222.1 | 220.3 | 234.4 | |||||||||
| Deferred income on sales to distributors | 151.7 | 140.5 | 133.8 | |||||||||
| Current portion of long-term debt | 173.7 | 181.6 | 242.8 | |||||||||
| Total current liabilities | 824.2 | 819.2 | 874.0 | |||||||||
| Long-term debt | 746.5 | 760.6 | 706.8 | |||||||||
| Other long-term liabilities | 176.1 | 190.4 | 238.0 | |||||||||
| Total liabilities | 1,746.8 | 1,770.2 | 1,818.8 | |||||||||
| ON Semiconductor Corporation stockholders’ equity: | ||||||||||||
| Common stock | 5.2 | 5.2 | 5.1 | |||||||||
| Additional paid-in capital | 3,228.9 | 3,210.8 | 3,167.8 | |||||||||
| Accumulated other comprehensive loss | (46.4 | ) | (47.4 | ) | (50.4 | ) | ||||||
| Accumulated deficit | (1,083.7 | ) | (1,142.1 | ) | (1,270.3 | ) | ||||||
| Less: treasury stock, at cost | (597.1 | ) | (572.5 | ) | (468.6 | ) | ||||||
| Total ON Semiconductor Corporation stockholders’ equity | 1,506.9 | 1,454.0 | 1,383.6 | |||||||||
| Non-controlling interest in consolidated subsidiary | 33.0 | 32.8 | 30.3 | |||||||||
| Total stockholders' equity | 1,539.9 | 1,486.8 | 1,413.9 | |||||||||
| Total liabilities and equity | $ | 3,286.7 | $ | 3,257.0 | $ | 3,232.7 | ||||||
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ON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
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| Quarter Ended | ||||||||||||
| March 28, 2014 | December 31, 2013 | March 29, 2013 | ||||||||||
| Net income | $ | 58.6 | $ | 29.2 | $ | 23.3 | ||||||
| Adjusted for: | ||||||||||||
| Restructuring, asset impairments and other, net | 5.8 | 22.1 | (6.0 | ) | ||||||||
| Interest expense | 8.1 | 10.0 | 10.1 | |||||||||
| Interest income | (0.2 | ) | (0.3 | ) | (0.3 | ) | ||||||
| Loss on debt exchange | — | — | 3.1 | |||||||||
| Income tax provision | 6.2 | 22.9 | 2.4 | |||||||||
| Net income attributable to non-controlling interest | (0.2 | ) | (0.5 | ) | (0.7 | ) | ||||||
| Depreciation and amortization | 52.4 | 55.3 | 51.3 | |||||||||
| Actuarial losses on pension plans and other pension benefits | — | (7.4 | ) | 13.6 | ||||||||
| Third party acquisition related costs | 0.3 | — | — | |||||||||
| Adjusted EBITDA* | 131.0 | 131.3 | 96.8 | |||||||||
| Increase (decrease): | ||||||||||||
| Restructuring, asset impairments and other, net | (5.8 | ) | (22.1 | ) | 6.0 | |||||||
| Interest expense | (8.1 | ) | (10.0 | ) | (10.1 | ) | ||||||
| Interest income | 0.2 | 0.3 | 0.3 | |||||||||
| Income tax benefit (provision) | (6.2 | ) | (22.9 | ) | (2.4 | ) | ||||||
| Net income attributable to non-controlling interest | 0.2 | 0.5 | 0.7 | |||||||||
| Actuarial losses on pension plans and other pension benefits | — | 7.4 | (13.6 | ) | ||||||||
| Third party acquisition related costs | (0.3 | ) | — | — | ||||||||
| (Gain) loss on sale or disposal of fixed assets | (0.3 | ) | 0.8 | (7.4 | ) | |||||||
| Amortization of debt issuance costs | 0.3 | 0.4 | 0.3 | |||||||||
| Provision for excess inventories | 6.8 | 6.2 | 15.9 | |||||||||
| Non-cash asset impairment charges | — | 4.5 | — | |||||||||
| Non-cash share-based compensation expense | 8.5 | 8.9 | 5.8 | |||||||||
| Non-cash interest | 1.6 | 2.7 | 3.1 | |||||||||
| Non-cash foreign currency translation gain | — | — | (21.0 | ) | ||||||||
| Other | 1.8 | 14.4 | 0.7 | |||||||||
| Changes in operating assets and liabilities | (54.8 | ) | 4.6 | 10.1 | ||||||||
| Net cash provided by operating activities | $ | 74.9 | $ | 127.0 | $ | 85.2 | ||||||
